MarketFinance, Capital on Tap secure CBILS and Bounce Back Loan approvals

Wednesday 13 May 2020 14:54 CET | News

The British Business Bank has approved MarketFinance and Capital on Tap, among other lenders, for accreditation under both the CBILS and BBL schemes.

MarketFinance, Capital on Tap, Bank Leumi, and Shawbrook Bank have joined over 60 CBILS accredited lenders, and the Bank of Ireland UK and Skipton Business Finance can now offer loans under the BBL scheme. Under CBILS, SMEs can apply for loans from GDP 50,001 to GDP 5 million, whereas BBL loans carry a 100% government-backed guarantee and range from GDP 2,000 to GDP 50,000.

The newly accredited lenders join fellow accredited fintechs Starling Bank, OakNorth, and Funding Circle. According to the latest figures, over GDP 5.5 billion has been lent out to SMEs in CBILS loans since the start of the crisis, including over GDP 2 billion in Bounce Back Loans approved in the first 24 hours of the scheme.

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Keywords: MarketFinance, Capital on Tap, British Business Bank, CBILS, BBL, Bounce Back Loan, Bank Leumi, Shawbrook Bank, Bank of Ireland UK, Skipton Business Finance, SME, government-backed guarantee, loans, Starling Bank, OakNorth, Funding Circle
Categories: Banking & Fintech
Countries: United Kingdom
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Banking & Fintech

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