The British Business Bank has approved Metro Bank for accreditation to the Bounce Back Loan Scheme (BBLS) for small business across the UK.
The scheme is intended to target small and micro businesses in all sectors struggling due to COVID-19, providing loans from £2,000 up to 25% of the business’ turnover, with a maximum loan of £50,000.
Metro Bank will join 17 other lenders, including Bank of Scotland, TSB, Natwest and Santander, which have been accredited to the BBLS.
The bank intends to start lending under the scheme as soon as possible, and will keep customers updated on when they are ready to receive applications from smaller businesses across the UK.
Keith Morgan, CEO of the British Business Bank, said: “The Bounce Back Loan Scheme has already helped over 608,000 businesses access loans worth £18.4 billion.
“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 Bounce Back Loan Scheme has previously accredited 17 lenders. These 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.