W&F Q2 2021

www.wealthandfinance-news.com 14 Wealth & Finance International - Q2 2021 Four new banks launched in first 10 months of coronavirus crisis – adding to the 41 launched over the last eight years Four new banks were launched in the UK in the first ten months of the coronavirus crisis*, adding to the 41 launched over the previous seven years, says ACP Altenburg Advisory, the debt advisory specialist. ACP Altenburg Advisory says this is a sign of the growing options available to businesses looking for finance as CBILS comes to an end. With the CBILS & BBLS schemes having ended on March 31, ACP Altenburg Advisory says businesses looking to grow may need to turn to an alternative source of finance in the coming months as the high street banks are likely to decrease their lending to SMEs. Including the four new banks launched in the last year, there have been 23 UK banks to launch • As CBILS ends, high street lenders are likely to cut back on their lending to SMEs • Challenger banks & debt funds part of growing options for businesses looking for finance in 2021 since 2013, alongside 22 banks to launch in the UK either as a branch or subsidiary of an overseas bank. These figures do not include the larger challenger banks that have launched since the credit crunch such as Shawbrook, Metro Bank and Aldermore. The figures show the increasing competition challenger banks are providing to high street banks