Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Fintechs to play an “even more important” role coming out of lockdown, says British Business Bank
AltFi | John Reynolds | Sep 16, 2020
Fintechs will be “even more important” coming out of lockdown than they were during lockdown helping smaller businesses return to normality, according to the British Business Bank (BBB), which has reported a £2m loss in the year ending March 2020.
The government-backed bank, which is responsible for organising the CBILS, BBLS and other government emergency funding schemes, has updated the market on the impact that Covid-19 has had on financial institutions, businesses and its organisation in its annual report.
It cited fintechs as playing “an important part of delivering emergency schemes during the crisis” adding “they will be even more important in the recovery, when the UK’s smaller businesses will still need to be served by a healthy, competitive and diverse finance market.”
Starling Bank and OakNorth Bank are among the fintechs which have offered loans during the pandemic through the BBB.
See: Refusal to embrace open banking puts Canada behind yet another curve
The annual report covers the period to the year ending March 2020 but the BBB offers an update on the impact of Covid-19.
It said the Coronavirus Business Interruption Loan Scheme (CBILS) has 97 accredited lenders and, as of August 11, provided 60,000 loans worth £13.4bn.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS), meanwhile, has 23 accredited lenders and has delivered 500 loans worth £3.4bn.
The Bounce Back Loan Scheme (BBLS) has given out over 1.1m loans worth £35bn while the Future Fund has delivered over £560m of funding to 565 businesses.
CBILS is due to end on September 30 while the BBLS is due to end in early November, although the government has said they might continue beyond the deadline.
Continue to the full article --> here
Download the BBB Annual Report 2020 --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Business schools play catch-up on crowdfunding- OSFI Stakeholder Engagement: Help Shape the Future of Finance
- Is VC The Right Money For Fintech?
- London Stock Exchange to work with Floww to raise capital for private companies
- Crowdfunding Alert: Ontario Securities Commission Releases Equity Crowdfunding Exemption Proposal
- With over 500K users KOHO closes CAD$210 million series D round
Leave a Reply