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Funding Circle Accredited By British Business Bank And Are Now Offering Coronavirus Business Interruption Loans (CBILS)

Posted 8 months ago

Funding Circle Accredited By British Business Bank And Are Now Offering Coronavirus Business Interruption Loans (CBILS)
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Author: Sacha Bright & Oliver Murphy

Funding Circle can now offer CBILS after becoming the first marketplace lender (P2P) platform to be approved for accreditation by the British Business Bank (BBB) under the government’s Coronavirus Business Interruption Loans Scheme (CBILS).

The platform has announced that it expects to begin opening CBILS applications within the next week once it has completed the necessary legal approvals with the BBB.

In a statement, Keith Morgan, CEO of the British Business Bank, said: “Our accredited lenders have seen an incredible demand for CBILS since the scheme became available.” 

“As the first newly accredited marketplace lending platform to be accredited under CBILS, Funding Circle will be able to provide more capacity, more choice and most importantly, vital funding for small businesses across the UK.”

He added: “This accreditation continues the British Business Bank’s long-term support for the growth of marketplace lending since its earliest stages.”

Funding Circle is the largest online small business loan provider in the UK and has originated over £6.2 billion of loans to 57,000+ businesses.

The news comes less than two days after Funding Circle US was approved to provide Paycheck Protection Program (PPP) loans.



Responding to the news, CEO of NextFin, Sacha Bright, said: “Congratulations to Funding Circle for approval by the British Business Bank to CBILS. It makes perfect sense to mobilise private investors’ cash to help small businesses and for it to be guaranteed by the government.”

“Let’s hope that other P2P platforms that have applied will get approved quickly so that the money can be distributed fast to small businesses.”

You can apply for a Funding Circle Coronavirus Business Interruption Loan, here. (CBILS)

 

Disclaimer

Please remember P2P lending is not guaranteed by the Financial Services Compensation Scheme (FSCS), so at the moment your money is at risk if you decide to invest in a P2P site.

Image Copyright, Funding Circle

Tagged: News P2P CBILS Funding Circle



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