The NAO reported that there were seven accredited lenders when the Scheme launched in May 2020, consisting of five main UK banks and two other banks.55 The Bank acknowledged that it took several months to accredit the additional 21 of 28 lenders in total to the Scheme, by which time most of the loans had been already been handed out.56 The NAO highlighted analysis by Innovate Finance, a representative body for non-bank lenders, which showed that in 2020 the main banks increased their market share from 35% to 56%—while alternative lenders’ total lending remained constant year-on-year.57 The Bank explained that the main UK banks were responsible for 90% of the Scheme lending but that they had a smaller market share in other COVID-19 related loans schemes like the Coronavirus Business Interruptions Loan Scheme or the Recovery Loan Scheme. Alternative lenders and smaller banks provide nearly 95% of lending under the Bank’s other core loan schemes, according to the Bank.58