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Starling Bank lent 1.4 billion under government programs

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Starling Bank has funded 358 million loans under the Coronavirus Business Interruption Loan Program (CBILS) and just over one billion rebound loans.

The challenger bank released a business update for the three months to October 2020 which showed it had 1.5 billion loans on its balance sheet, including 1.4 billion under emergency lending programs government to support struggling businesses during the pandemic.

Starling Bank is accredited with CBILS in order to be able to provide funds under the program itself, but it has also agreed to fund 300 million CBILS loans through the Funding Circle platform.

The bank revealed in July that it has so far loaned $ 227.75 million through Funding Circle under CBILS.

The business update also showed that Starling Bank reported a profit of 0.8 million for the month of October, which is 10.1 million on an annualized basis. Starling Bank expects to be profitable on a monthly basis going forward.

Speaking at a fintech conference last month, Starling Banks founder and managing director Anne Boden said the bank will likely acquire a lending platform within a year or two, as it was looking to expand its loan to small and medium enterprises (SMEs). origins.

Starling Bank has already entered into a forward flow agreement with P2P lending platform Zopa, and it has previously expressed interest in pursuing partnerships with other alternative lenders.

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