British Business Bank added new accredited lenders to CBILS including Starling Bank & OakNorth Bank.

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Over the weekend you will have seen the British Business
Bank (BBB) announced that it has approved four new lenders for
accreditation under the Coronavirus Business Interruption Loan
Scheme (CBILS) – The Co-operative Bank, Cynergy Bank,
OakNorth Bank
and
Starling Bank
.

Keith Morgan, CEO,
British Business Bank
, said:
“Our accredited lenders
have seen an incredible demand for CBILS in the past few weeks, so
we are helping to meet that demand and provide even more choice for
smaller businesses by approving additional lenders for
accreditation to the scheme. These new lenders will be able to
deploy vital funding and get additional finance flowing to smaller
businesses across the UK as quickly as possible.â€

 

Ben Barbanel, Head of Debt Finance,
OakNorth Bank
, said:
“Our experience working with
the BBB has been very positive – they’ve been very supportive
through the entire process. We’re excited to be onboarded to the
scheme and look forward to supporting UK growth businesses through
CBILS in the days and weeks ahead. We’ve been allocated £50m by
the BBB, so will be using this to support our existing customers
who’ve been patiently waiting. We’ll look to onboard new
customers in the coming weeks if we get allocated more
capital.â€

While OakNorth will use the funding for their existing
customers, Starling Bank has access to many more small businesses
and a simple sign up procedure based on a customer centric app. The
Fintech Times spoke to Starling Bank earlier today about how  they
are working tirelessly to get their application systems up and
running for their customers as soon as possible.

Helen Bierton, Chief Banking Officer at
Starling Bank,
said
: “Since we were accredited as a
Coronavirus Business Interruption Loan Scheme lender on Friday we
have been working closely with the British Business Bank to ensure
that we are in a position to give our business customers the
financial support they need. We know that for some companies,
timing is everything, therefore we want to be in position to allow
people to apply for this loan as soon as possible.†

 


The Fintech Times
has been promoting the inclusion of fintechs
in the UK Government’s business support efforts, this first step,
with the inclusion of fintech lenders is welcomed.

But is it enough? As we discussed in our recent
webinar
, the volume of funding required is larger than any
measures used previously and new processes and procedures will need
to be used to get the funding to the businesses that need it the
most.

Can fintech save the UK Economy by lending to small businesses?
#FintechSavesUK

The post
British Business Bank added new accredited lenders to CBILS
including Starling Bank & OakNorth Bank.
appeared first on
The Fintech Times.

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