Fiduciam has received £430m of loan requests through the Coronavirus Business Interruption Loan Scheme (CBILS).

This occurred within the two and a half month window since the short-term lender was accredited on 22 July.

Fiduciam expects to receive a further £200m of loan requests through the scheme.

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Delivered through British Business Bank accredited lenders, CBILS is designed to support SMEs, and allows a lender to provide facilities of up to £5m to a single business.

Chancellor Rishi Sunak recently extended the scheme by a further two months until 30 November.

Johan Groothaert, chief executive of Fiduciam, said: “We have reallocated a substantial amount of our resources to handle the CBILS application volumes.

“There has been an increase in applications the closer we got to the 30 September deadline, so the extension of CBILS to 30 November was both welcome and necessary with many businesses still facing financial difficulties.

“It is encouraging to see that most of the loan requests are of good quality.

“Many SMEs remain cash strapped whilst their business fundamentals are very strong.

“Whilst central bank initiatives typically do not reach the SME segment, CBILS does, providing these businesses with an opportunity to weather the crisis.

“With the Chancellor having extended the deadline for new CBILS applications by two months, we expect to receive a further £200 million in requests.”