Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will lower the minimum lending criteria under the Bounce Back Loan Scheme from £10 million per lender in order to ensure credit unions are able to provide loans.

This question was answered on 11th May 2020
The Government has set out an unprecedented package of support for all businesses affected by this crisis, including the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).

There are currently 14 lenders offering loans under BBLS. More information on these partners can be found on the British Business Bank’s (BBB’s) website: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/current-accredited-lenders-and-partners/.

There are currently over 60 lenders offering finance under CBILS, with 22 new lenders having been accredited since the scheme launched. The list of accredited CBILS lenders can be found on the British Business Bank’s website: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/.

Any lender that wishes to become accredited under BBLS or CBILS should contact the BBB, who administer the scheme.