LendingCrowd approved for accreditation under CBILS

Scottish fintech LendingCrowd, just announced it had been approved for accreditation by the British Business Bank as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

This accreditation will allow the fintech to distribute UK government-backed loans to SMEs impacted by the Covid-19 pandemic. LendingCrowd will provide loan product from £50,001 to £250,000 across either a three or a five-year term to SMEs who are experiencing lost or deferred revenues, leading to cashflow difficulties.

SMEs will have nothing to pay for the first 12 months so they can focus on bringing back their company to a healthier position.

Stuart Lunn, founder and CEO of LendingCrowd, said:

“We appreciate the stress and struggle that SMEs are going through and that time is of the essence in providing support. Our agile and flexible approach means that we can distribute funding responsibly to those who need it quickly. We have already spoken to every existing borrower, implemented repayment holidays for qualifying borrowers and changed repayment dates to better suit their cashflow patterns at no cost. In offering CBILS loans, LendingCrowd can play its part in supporting the survival and resurgence of as many SMEs as possible.”

If you’d like to apply for CBILS funding through LendingCrowd go to https://www.lendingcrowd.com/cbils

LendingCrowd will begin offering CBILS loans imminently and they will be available to new and existing borrowers, subject to eligibility.