FLA has successfully negotiated with the Government to get access for independent and non-bank lenders to the Coronavirus Business Interruption Loan Scheme. It says this was critical to allow firms to continue to run their business, make new loans and support forbearance requests. FLA has insisted the accreditation process be as quick as possible, with status as authorised firms being taken into account as appropriate. FLA notes that deposit taking banks and insurers writing insurance as principal are not eligible for CBILS but other financial services firms are now in principle eligible.
FLA is still concerned that the Term Funding for SMEs and Covid-19 Corporate Financing Facility are not currently accessible to FLA independent and non-bank funders and continues to press the Government to make changes to include these businesses.