Europe Fintech Latest News Lending

Starling will be accepting applications for BBLS loans from Monday 11th May 2020.

Starling, the digital bank has been accredited by the British Business Bank as a lender under the government-backed Bounce Back Loan Scheme (BBLS). Starling will be accepting applications for BBLS loans from Monday 11th May 2020. Applications can be made via Starling’s secure online banking channel.

Starling, which has opened 150,000  business accounts, will offer the following to small and medium-sized enterprises:

  • Term loans of between £2k and £50k
  • Interest and fee free loans for the first 12 months
  • Fixed rate at 2.5%
  • Lending of up a maximum of 25% of the SME’s annual turnover

SMEs can apply for a Starling BBLS term loan, if their business:

  • Uses Starling as their main business account
  • Has been negatively impacted by coronavirus
  • Was established and trading by 1 March 2020 (inclusive)

More details about Starling’s BBLS criteria can be found on the Starling Bank website. This accreditation follows Starling’s participation in the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

Author

  • Editorial Director of the The Fintech Times

Related posts

Carrier Billing to Account for More than 1 in 5 Digital Content Sales by Value by 2024

Mark Walker

2019: a blockbuster year for UK fintech investment

Manisha Patel

Money 20/20: New OpenLegacy Version 4.2 Accelerates Adoption of Digital Technologies

Manisha Patel