Three more lenders join the Bounce Back Loans Scheme

Allied Irish Bank, The Co-operative Bank and Starling Bank have all been accredited under the British Business Bank’s new Bounce Back Loan Scheme.

The Bounce Back Loan Scheme provides businesses in all sectors with loans from £2,000 to 25% of the business’s turnover, up to a maximum loan of £50,000. It was launched last month to help small and micro-businesses around the UK that are struggling due to the coronavirus pandemic.

Following their approval into the scheme, the lenders won’t take applications straight away but will begin putting operations in place. They will confirm the dates from which they will be ready to receive applications for finance shortly.

These 3 lenders join 11 already accredited by the British Business Bank, including Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, TSB, RBS and Ulster Bank.

All lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) have been invited to join the Bounce Back Loan Scheme and offer loans under its terms.

British Business Bank’s CEO, Keith Morgan, said: “There has been incredible demand from smaller businesses for Bounce Back Loans since the scheme launched this week.

“Onboarding lenders with the capability and means to deliver the scheme rapidly means that more UK smaller businesses will be able to access the finance they need to get through the current pandemic.”