This makes Funding Circle the first accredited marketplace lending platform under the scheme.
The lender expects to open CBILS applications within the next week, once it has completed the required legal and operational approvals with the Bank.
Keith Morgan, CEO at the British Business Bank, stated that its accredited lenders have seen an incredible demand for CBILS since it became available.
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“…Funding Circle will be able to provide more capacity, more choice and, most importantly, vital funding for smaller businesses across the UK,” he said.
Keith added that the accreditation continued the British Business Bank’s long-term support for the growth of marketplace lending since its earliest stages.
More than 80% of the UK’s smaller businesses have a finance relationship with CBILS accredited lenders.
The Bank continues to review applications from a wide range of lender types, from PRA-regulated banks to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.
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