Tide and Liberis accredited into government’s coronavirus loan scheme
FinTech lenders Tide and Liberis have been approved to join the British Business Bank’s CBILS and BBLS schemes, respectively.
The two are the latest additions to a growing list of lenders approved under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS), set up to help small UK businesses struggling with the effects of the global coronavirus pandemic.
Tide first aimed to join the CBILS, but ended up changing course and becoming a part of the BBLS, which provides loans to smaller UK businesses than its counterpart.
The company said its roll out of the scheme will be slow and involve waiting lists and limited opportunities to apply.
“As Tide has most of the required data, the application process is very lean, primarily limited to the confirmations required by the government. Approval and payout will be instant,” the fintech added.
Tide joins 16 accredited BBLS lenders, while Liberis joins 68 existing lenders on the CBILS.
