. Broken down by geography, Starling disbursed the most loans to businesses in the London region, where it lent £205.7 million to 6,704 firms.:
It has been lending through both the BBLS and another UK relief loan scheme, the Coronavirus Business Interruption Loan Scheme . Starling even established a with lending platform Funding Circle to issue £300 million worth of CBILS loans through Lending Circle's platform. The neobank's participation in the two relief loan schemes adds up to a major push to get funding to small businesses in their time of need.
The neobank has also rolled out new features geared toward businesses' specific needs. As a second way to connect businesses with financial assistance, Starling a tool that asks customers questions to determine the right government-backed coronavirus support offerings for them.
It is worth noting, however, that the neobank still has a long way to go before it reaches a scale at which it poses a major business banking threat to incumbent banks: The funds it has lent through the BBLS represent just 1.9% of the £33.
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