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LendingCrowd accredited for Coronavirus Business Interruption Loan Scheme


LendingCrowd, the only fintech lending platform headquartered in Scotland, has been accredited by the British Business Bank as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS). This means LendingCrowd will be able to distribute UK government-backed loans to SMEs impacted by the Covid-19 pandemic, getting support urgently to where it is needed most.

The Coronavirus Business Interruption Loan Scheme, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK that are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

LendingCrowd will offer a CBILS loan product, from £50,001 to £250,000 across either a three- or a five-year term. The borrower will have nothing to pay for the first 12 months, giving them vital breathing space to help get their business back on track.

LendingCrowd is offering CBILS loans to new and existing borrowers, subject to eligibility.

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.”

To find out more and to register your interest in applying for a CBILS loan with LendingCrowd, visit www.lendingcrowd.com/cbils

Article author

Gareth Mackie

Gareth Mackie

If you invest through LendingCrowd you should understand that your capital is at risk.

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

Read more about the risk involved when investing and borrowing.

The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

Copyright © LendingCrowd 2020. All rights reserved.

Best P2P Business Lender ICAS

LendingCrowd is working with the British Business Bank to help deliver CBILS loans to SMEs affected by the Covid-19 pandemic. Find out more: