New Lenders Added for CLBILS While 1.2 Businesses Supported by COVID Schemes, Future Fund Grows Too

New Lenders Added for CLBILS While 1.2 Businesses Supported by COVID Schemes, Future Fund Grows Too

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

Today the British Business Bank has announced that it has approved Allied Irish Bank, Investec Bank plc, and Mercedes-Benz Financial Services UK Limited have been accredited under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These three new CLBILS lenders will be able to provide finance to larger UK businesses with a turnover of more than £45 million. CLBILS is just one of the programs HM Government has provided to backstop the COVID impacted economy.

According to government numbers, over 1.2 million businesses have now received lending support via the COVID schemes. Delivered by the British Business Bank, these loans and guarantees are said to be worth approximately £50.69 billion. Alongside traditional lenders, Fintechs are providing support to impacted businesses.

Overall, each different program has provided the following support:

  • CBILS (Coronavirus Business Interruption Loan Scheme) – £13.08 billion – 58,595 approved loans
  • CLBILS – £3.27 billion – 482 approved loans
  • BBLS (Bounce Back Loans) – £34.34 billion – 1,235,575 approved loans

The Future Fund, a scheme that supports early-stage ventures that frequently are not generating any net income, has grown as well.

According to HM Treasury, 537 convertible loans have been approved for a total of £534 million.

The Future Fund convertibles are expected to convert into equity which will make the UK government a shareholder in funded firms. Both Seedrs and Crowdcube are listing issuers that have applied for the program.

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply