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<p>The Government monitors the peer-to-peer (P2P) lending sector on an ongoing basis
and engages regularly with P2P platforms and the Financial Conduct Authority (FCA),
who are responsible for the regulation of the sector.</p><p> </p><p>The Government
believes that P2P providers deliver innovative forms of finance for both consumers
and business, and can provide healthy competition in the financial services market
and, as such, is keen to see the sector continue to grow and evolve.</p><p> </p><p>P2P
platforms are eligible to access finance under the Coronavirus Business Interruption
Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS),
where they can access loans up to £50 million under the latter, depending on the size
of the platform. Under CLBILS, borrowers can apply for finance facilities, including
overdrafts, of up to £25 million for businesses with a turnover between £45 million
and £250 million, and up to £50 million to businesses with a turnover of over £250
million.</p><p> </p><p>Those P2P platforms that facilitate loans to businesses can
also apply to become accredited lenders under these schemes. More information on eligibility
criteria and registering to become an accredited lender, can be found on the British
Business Bank’s website here: <a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/become-a-cbils-accredited-lender/"
target="_blank">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/become-a-cbils-accredited-lender/</a></p><p>
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