This means LendingCrowd will be able to distribute UK government-backed loans to SMEs impacted by the coronavirus pandemic, getting support urgently to where it is needed most.

The Coronavirus Business Interruption Loan Scheme, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

LendingCrowd will offer a CBILS loan product, from £50,001 to £250,000 across either a three or a five-year term. The borrower will have nothing to pay for the first 12 months, giving them vital breathing space to help get their business back on track.

Stuart Lunn, founder and CEO of LendingCrowd, said: “We appreciate the stress and struggle that SMEs are going through and that time is of the essence in providing support. Our agile and flexible approach means that we can distribute funding responsibly to those who need it quickly. We have already spoken to every existing borrower, implemented repayment holidays for qualifying borrowers and changed repayment dates to better suit their cashflow patterns at no cost.

“In offering CBILS loans, LendingCrowd can play its part in supporting the survival and resurgence of as many SMEs as possible.”

Those who wish to apply for CBILS funding through LendingCrowd can do so here.

LendingCrowd will begin offering CBILS loans imminently and they will be available to new and existing borrowers, subject to eligibility.