Starling Bank Lends More Than £600mn Through Crisis Loan Schemes

Digital only Starling Bank says they have reached about 65 percent of their SMB lending capacity through the various government led loan schemes; Starling provides a quarterly update to Banking Competition Remedies Ltd. as part of the capital it received through the grant fund last year; Starling’s last update said the bank only lent a little more than £1mn; the bank got the go ahead to use the grant funds from last year as part of their lending through the government schemes; “Starling has released an initial version of its unsecured business loan product. This system has allowed Starling to lend over £300mn in its first week as part of the Bounce Back Loan Scheme of the British Business Bank. Starling processed 83% of decisions within 48 hours. This system will continue to be developed over the coming months,” the bank wrote according to AltFi. AltFi

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