Alternative loan

The bank offers government-backed loans specifically to SMEs in the "innovation and life sciences" sector.

Image source: Keith Morgan / British Business Bank

It was revealed yesterday that Silicon Valley Bank (SVB) has joined & # 39; s ever-growing list of accredited Coronavirus Business Interruption Loan Scheme (CBILS) lenders.

The fintech joins the likes of other fintechs including Starling, OakNorth, iwoca and Funding Circle.

A bank spokeswoman said: "Silicon Valley Bank is pleased to be an accredited creditor under CBILS."

"We are committed to supporting as many of our clients in our innovation economy as we can through CBILS and through our own regular lending services."

SVB will provide term loans of between £ 500,000 and £ 5 million to existing customers who do not operate specifically within the "innovation and life sciences" sector.

Keith Morgan, CEO of British Business Bank, said: "Our accredited lenders have seen incredible demand for Covid-19 business loan schemes since they became available."

"Accrediting these additional finance providers means further support for smaller business customers and remains the UK's long-term goal of providing more diverse sources of funding to smaller businesses," he added.

To date, more than £ 31 billion has been spent by the UK's money lenders through the various government loan systems, including almost £ 9 billion through CBILS alone.

The latest figures released by HM Treasury also show that more than 745,000 companies are able to access funds through the schemes.

SVB received CBILS accreditation in addition to Arbuthnot Commercial ABL and Shire Leasing, and JCB Finance has been approved to offer Bounce Back Loans.

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