Atom has issued 1,251 quotes for CBILS

lending money

Atom Bank has issued 1,251 quotes for its secured CBILS loans using its Quick Quote tool.

This has resulted in over 700 applications with a value of well over £500m, which includes £150m received in the past week.

The bank has continued to originate its own business secured lending, alongside the government-backed CBILS scheme, with £52m of lending to 132 businesses.

In total, Atom has seen a tripling of the value of business loans on its balance sheet in the last 12 months to reach a current position of £700m.

According to the lender, it is on course to achieve 100bps of Net Interest Margin (NIM) by the end March 2021.

Having surpassed the year’s lending target Atom is now focussing on supporting applicants to the offer stage and then completion against the deadlines of the CBILS scheme.

Following announcements in the Budget that the government support for business lending will continue under a new scheme, Atom will be applying to be an eligible lender in the new Recovery Loan Scheme.

Furthermore, the lender is looking to automate its application and decisioning processes for complex secured business lending.

David Castling, director of intermediary lending at Atom Bank, said: “We issued our first quotes under the CBILS scheme back in May 2020 with little knowledge that the scheme would be around for nearly a full year.

“The speed of response of both the bank and our broker community in pulling together to provide much needed finance to businesses in the UK has been nothing short of phenomenal.

“To have issued £1bn of quotes on complex lending is an astonishing effort, and I’m delighted that we have been able to take £0.5bn of applications over the same period.

“Having hit our ambitions early, and with more help for business confirmed in the Budget, now is the right time for us to focus on getting CBILS applications turned into loans in the hands of SMEs.”

Paul Elliott, head of business banking at Atom Bank, added: “UK SMEs continue to look to Atom as a trusted lender for their business needs.

“We give quick decisions, offer competitive prices and support customers when they need it the most.

“We put a lot of energy into helping our existing customers through the pandemic and supporting new customers with CBILS and other lending.

“The Chancellor’s announcement of the Recovery Loan Scheme is great news for business and, subject to admittance into the new scheme, we plan to remain part of the answer for UK SMEs by offering great value loans under RLS during the rest of 2021.”

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