Incredibly there are now over 90 lenders accredited by The British Business Bank to offer loans under the CoronaVirus Business Interruption Loan Scheme (CBILS); a full list is accessible here.
There are far fewer accredited lenders offering support under the Bounce Back Loan Scheme, with only 27 listed today, 19th August 2020
Statistics are not published (or at least I cannot find them) that reveal how much each lender has lent under the various schemes but the aggregate now stands at over £52Billion, with over 1.23million businesses supported.
The schemes may close in the Autumn although there’s a certain amount of ambiguity in dates quoted; what’s for sure is that the schemes will have to end after which SME’s in need of finance will have to revert to conventional sources.
Its at this point that good, reputable lenders will have a crucial role to play, structuring appropriate facilities, suitably secured, enabling UK SME’s to survive and thrive a (hopefully) post Covid-19 environment.
If a post Covid-19 business environment is likened to a post recession then alternative financiers will be busy and experienced brokers have a profoundly important part to play.