Starling lends GDP 90 mln in Bounce Back Loans to SMEs

Wednesday 13 May 2020 14:51 CET | News

UK-based digital bank Starling has offered over GDP 90 mln to SMEs in Bounce Back Loans (BBL), with a total of GDP 120 mln committed.

The digital bank was among lenders approved to offer loans under the May 2020 scheme. The BBL scheme, for which Starling’s applications opened on 11 May, 2020, offers SMEs a 100% government-backed guarantee for loans between GDP 2,000 and GDP 50,000. Apart from offering government-backed loans, Starling also has other support measures in place to help its customers who are experiencing the coronavirus-related effects. 

The bank launched its Coronavirus Support Scheme at the beginning of April 2020 which would allow for customers facing financial hardship to apply for a three-month interest holiday on arranged overdrafts. Starling Bank also introduced Connected Cards, aimed at self-isolating customers who could order a spare card with a GDP 200 limit to give out to friends and family members helping them buy essential items.

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Keywords: Starling Bank, UK, BBL, Bounce Back Loans, SME, guarantee, loans, digital bank, coronavirus, Coronavirus Support Scheme, Connected Cards, interest holiday, arranged overdrafts, spare card
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech