Metro Bank is the latest accredited lender to join a UK Government flagship Covid-19 business support initiative.
The bank joins 17 other lenders providing low interest finance to firms across the UK under the Bounce Back Loan (BBL) scheme, which is administered by the UK's Government's economic development bank the British Business Bank.
The BBL scheme, with a 100% Treasury guarantee in the event of default, is aimed at micro-businesses in all sectors , with loans from £2,000 up to 25% of the business’ turnover with a maximum amount of £50,000.
Metro Bank plans to start lending under the scheme as soon as possible and will keep customers updated on when they are ready to receive applications.
Keith Morgan, chief executive of the British Business Bank, said: “The Bounce Back Loan scheme has already helped over 608,000 businesses access loans worth £18.4bn. As our onboarding continues at pace, accrediting Metro as a new lender will mean that more smaller businesses across the UK will be able to access the finance they need to get through the current pandemic.”
The other BBL scheme approved lenders are: AIB, Bank of Ireland UK, Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, Skipton Business Finance, Starling Bank, The Co-operative Bank, Tide, TSB, RBS and Ulster Bank.
