back Back

Fiduciam receives £430 million of loan requests since CBILS accreditation

By Megha Bhattacharya

October 15, 2020

Share

UK-based short term lender Fiduciam has already received £430 million of loan requests since it became an accredited CBILS lender two and a half months ago on the 22nd of July. The FinTech expects to receive at least another £200 million of requests for Coronavirus Business Interruption Loan Scheme (CBILS) loans between now and the new scheme closure date of the 30th November. Chancellor Rishi Sunak, on 24th of September, extended the CBILS scheme by a further two months, until 30th November.

Johan Groothaert, CEO of Fiduciam commented, “We have already seen more than £430m in loan requests since we became an accredited CBILS lender in early July. As a result, we have reallocated a substantial amount of our resources to handle the CBILS application volumes. There has been an increase in applications the closer we got to the 30th September deadline, so the extension of CBILS to 30 November was both welcome and necessary with many businesses still facing financial difficulties.”

Fiduciam stated that the types of borrowers and businesses applying for CBILS loans have ranged from automotive firms to children’s nurseries and from hotels to housebuilders.

CBILS, delivered through the British Business Bank, 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 who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

“It is encouraging to see that most of the loan requests are of good quality. Many SMEs remain cash strapped whilst their business fundamentals are very strong. Whilst central bank initiatives typically do not reach the SME segment, CBILS does, providing these businesses with an opportunity to weather the crisis.

“With the Chancellor having extended the deadline for new CBILS applications by two months, we expect to receive a further £200 million in requests,” Groothaert concluded.

Previous Article

October 15, 2020

Ripio & Circle partner to accelerate the adoption of USDC stablecoin across LATAM

Read More
Next Article

October 15, 2020

M1 Finance raises $45mn Series C funding to build next-gen Finance Super App

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 23, 2024

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

July 23, 2024

TerraPay and SWIFT partner on global account-to-wallet payments

Read More

July 23, 2024

Paytm & Axis Bank to offer POS solutions to merchants

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024