Edinburgh-based LendingCrowd joins CBILS lender ranks

Edinburgh-based LendingCrowd, which says it is the only fintech lending platform headquartered in Scotland, has been approved for accreditation as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

Lunn says LendingCrowd can support the survival and resurgence of as many SMEs as possible. Picture: contributed.

The green light from the British Business Bank lets the lender distribute UK government-backed loans to small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.

The loan scheme, delivered through British Business Bank accredited lenders, enables participants to provide facilities of up to £5 million. Other lenders include Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland.

Sign up to our daily newsletter

The i newsletter cut through the noise

Read More

Read More
Fintech platform LendingCrowd seals partnership with Icas

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.

Stuart Lunn, founder and chief executive 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.”

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

The dramatic events of 2020 are having a major impact on many of our advertisers - and consequently the revenue we receive. We are now more reliant than ever on you taking out a digital subscription to support our journalism.

Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. Visit https://www.scotsman.com/subscriptions now to sign up.

By supporting us, we are able to support you in providing trusted, fact-checked content for this website.

Joy Yates

Editorial Director

 0 comments

Want to join the conversation? Please or to comment on this article.