Peer-to-peer lender Assetz Capital has been given £25m from the British Business Bank for the UK Coronavirus Business Interruption Loan Scheme (CBILS).
This adds to the £15m the British Business Bank injected into the venture in March, Crowdfund Insider reported.
“The institutional funding lines that we’ve put in place to deliver CBILS, and beyond, are significant, and is an indication of our ambitions to scale up lending to sustainable businesses, even through this difficult period,”said Stuart Law, CEO at Assetz Capital, in a statement seen by Crowdfund Insider.
He argued that investments like this are pivotal to ensure the UK’s businesses survive the pandemic.
“SMEs employ 60% of all private sector workers and the role of alternative finance in supporting those businesses and jobs has never been more critical,” Law said, arguing that the CBILS scheme was important to protect companies through the coronavirus crisis.
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