"Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes."
The British Business Bank has approved one new lender for accreditation to the Bounce Back Loan Scheme (BBLS) and six new lenders to the Coronavirus Business Interruption Loan Scheme (CBILS).
Investec will join the other 20 BBLS lenders who have been accredited since the scheme opened last month.
New CBILS lenders 4Syte, Asset Finance Partners, JCB Finance, Merchant Money, Sonovate and United Trust Bank will also be able to provide financial support to smaller businesses across the UK.
Government published statistics show more than 913,000 businesses have to date benefitted from over £38 billion in loans and guarantees through schemes delivered by the British Business Bank. This includes 863,584 Bounce Back Loans worth £26.3 billion, 49,247 loans worth over £10.1 billion through the Coronavirus Business Interruption Loan Scheme and £1.7 billion through the Coronavirus Large Business Interruption Loan Scheme.
The accelerated accreditation process the British Business Bank has put in place for the coronavirus loan schemes means it has been able to more than double the number of CBILS lenders since the scheme’s launch, increasing the number from 41 to 92.
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.”
Noel Meredith, executive director of United Trust Bank, commented: “The Covid-19 pandemic has had a profound effect on the UK economy and its businesses. Many SME house builders and developers are suffering from the consequences though these may take time to become fully apparent. Construction programmes have extended, supply chains are disrupted, sales markets are uncertain in both in terms of transaction volumes and value. All of these create additional costs and funding needs at a time when funding markets are disrupted and lenders are being cautious due to overwhelming uncertainty.
"United Trust Bank is experienced through the cycle lender with a deep understanding of the challenges faced by SME house builders, developers and property investors and what they need from a specialist finance partner in uncertain times. These CBILS facilities are designed to enable new and existing UTB customers to keep building, developing and investing in property across England and Wales.
“The UK is facing deep economic uncertainty, but we must continue to tackle the nation’s growing housing shortage. SME house builders, developers and investors have a significant and important role to play in that endeavour and United Trust Bank will continue to support them with innovative funding solutions.”