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.
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.”
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