CBILS goes digital, but lags behind BBLS

Since the Coronavirus Business Interruption Loan Scheme (CBILS) went live on 23 March, the British Business Bank (BBB) has been adding to its list of approved lenders.

Starting with 40 accredited lenders and partners, the list reached 60 in early May and built through the month to its current total of 76. Recent additions include fintechs Starling, iwoca, MarketFinance and Capital on Tap.

Capital on Tap CEO David Luck said the digital lender will primarily target smaller businesses, “from beauty salons, family-run companies, small agencies - those who have struggled the most with accessing funds so far during this pandemic”. 

iwoca CBILS accreditation

Funding fintech iwoca was the most recent addition to the CBILS lending list, receiving approval on 20 May. 

“Having already served over 50,000 customers since 2012, our processing capabilities for lending match, and, in many cases exceed, those of the big banks,” iwoca CEO Christopher Rieche said following its accreditation.