The British Business Bank has accredited the Bank of India under the Coronavirus Business Interruption Loan Scheme (CBILS) and Silicon Valley Bank under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Bank of India 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.
Silicon Valley Bank will be able to provide finance to midsized and larger UK businesses with a group turnover of more than £45m.
Following their approval, each lender will put in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.
Government statistics show more than one million businesses have to date benefitted from loans and guarantees worth £46.3bn through schemes delivered by the British Business Bank. This includes 1,047,611 Bounce Back Loans worth £31.7bn, 54,538 loans worth over £11.9bn through the Coronavirus Business Interruption Loan Scheme and £2.7bn through the Coronavirus Large Business Interruption Loan Scheme.
Keith Morgan, CEO 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 British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”