Since the announcement of the UK’s Coronavirus Business Interruption Scheme (CBILS) for SMEs on March 23, businesses, lenders and the government have all had to adapt to a changing landscape. Through CBILS, firms receive 80 percent of the loan from the government, but the remaining portion must come from a lender. This means lenders still take on a significant risk.
The latest figures from UK Finance reveal that just 16,624 of the 36,000 loan applications received have been approved so far, leaving many SMEs worried about their future. On this podcast, Nick Lee, head of regulatory affairs at OakNorth, tackles the uncertain lending landscape that lies ahead.Tune in to hear a digital lender’s perspective on how lenders should approach risk management, the future of cloud-based lending and how fintechs can assist in funding schemes.