The Bounce Back Loans scheme is intended to speed up distribution of coronavirus aid to SMBs — but alt lenders are concerned they won't be accredited in time
FinTech Futures. The fast-track finance scheme will allow lenders to extend loans with a 100% government-backed guarantee.Loans will be between £2,000 and £50,000 and interest-free for the first 12 months; businesses can apply online through a short form and access the cash within days. The scheme aims to bolster the existing package of support available, including the Coronavirus Business Interruption Loan Scheme , by letting SMBs get access to the finance they need immediately.
Many in the industry are concerned that not enough alt lenders will be accredited to help facilitate the government loans — a disappointing repeat of the CBILS rollout. To date, only
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