British Business Bank: Coronavirus

(asked on 11th May 2020) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, if his Department will take steps to ensure that the British Business Bank reduces the time taken for the accreditation process for (a) fintech banks and (b) other new lenders to be eligible to provide Government backed covid-19 loans.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 19th May 2020

Accrediting new lenders for the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is a priority for the British Business Bank. The Bank is working at pace to accredit more lenders to further extend the Schemes’ reach and provide more choice for businesses whilst ensuring the accreditation process remains robust.

The Bank has put substantial additional resources in lace to create a streamlined process within the Bank to help onboard new lenders seeking accreditation as quickly as possible. For example, existing lenders accredited under the CBILS may have an expedited accreditation process for the BBLS.

There are currently 16 accredited lenders for BBLS, over 60 accredited lenders for CBILS and 10 accredited lenders for CLBILS.

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