Fintechs to play an “even more important” role coming out of lockdown, says British Business Bank

AltFi | John Reynolds | Sep 16, 2020

BBB 2020 Annual report - Fintechs to play an “even more important” role coming out of lockdown, says British Business BankFintechs 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.

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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.

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