The British Business Bank (BBB) has approved six new finance providers for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), according to a BBB press release.

The new CBILS lenders are: 4Syte, Asset Finance Partners, JCB Finance, Merchant Money, Sonovate and United Trust Bank.

4Syte is a provider of invoice finance, trade finance, construction finance and secured lending for SMEs. Its head office is in Chelmsford, Essex and has offices in London and Leeds.

Asset Finance Partners is an asset-based lender specialising in the UK agricultural industry, including asset financing for machinery and vehicles. AFP is based in Cambridgeshire.

JCB Finance is a specialist plant finance company offering asset purchase and leasing. It also runs an operating lease facility and used equipment database. The company is based in Staffordshire.

Merchant Money is a fintech offering loans and credit (including working capital loans) to SMEs.

Sonovate is a fintech offering recruitment businesses and consultancies with financing (including invoice finance).

United Trust Bank is a London-based specialist bank offering deposit accounts for businesses asset finance and other specialist mortgage and bridging finance products.

CBILS & the British Business Bank

The six accredited lenders will be able to provide financial support to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.

Following their approval, each lender will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving applications from smaller businesses across the UK.

Keith Morgan, chief executive of the British Business Bank, said: “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes.
“Accrediting these additional finance providers means further support for smaller business customers and continues the BBB’s long-term objective to offer more diverse sources of finance to smaller businesses.”

According to the latest figures, published by HM Treasury on 16 June 2020, more than 913,000 businesses have to date benefitted from over £38bn in loans and guarantees through schemes delivered by the BBB.

This includes 863,584 Bounce Back Loans worth £26.3 billion, 49,247 loans worth over £10.1 billion through the CBILS and £1.7 billion through the Coronavirus Large Business Interruption Loan Scheme.

The number of CBILS lenders since the scheme’s launch on 23 March has increased from 41 to 92.