British Business Bank approves Bank of India and Silicon Valley Bank

The British Business Bank (BBB) has approved The Bank of India  and Silicon Valley Bank to deliver the Coronavirus Business Interruption Loan Scheme (CBILS) and its large-business counterpart (CLBILS) to provide support to businesses suffering from cashflow disruptions due to Covid-19. The next step is for each bank to confirm the dates when they will be ready to start receiving applications. The Treasury’s latest figures show that lenders have supported approximately 1.1 million businesses with £46.3bn of government-backed emergency loans during the pandemic.  The CBILS program is responsible for £11.9bn worth of facilities to 54,500 companies, and £2.7bn through CLBILS. Few P2P lending platforms beyond Funding Circle, Assetz Capital, LendingCrowd and Folk2Folk have been approved to deliver the schemes. P2PFN

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