The British Business Bank (BBB) has accredited alternative lender Enterprise Answers to the recovery loan scheme (RLS).
The lender will deliver loans from £25,001 to £100,000 via the government-backed scheme to support the growth and recovery of businesses in the North of England that have been impacted by the pandemic.
The not-for-profit lender said it has delivered its highest ever volume of lending during 2020/21, to businesses during Covid-19 through the coronavirus business interruption loan scheme (CBILS), which closed for applications on 31 March and was replaced by the RLS that launched on 6 April.
Lancashire, Cumbria and Yorkshire Dales based businesses affected by the pandemic can apply for an RLS loan from Enterprise Answers on its website.
There are now 33 accredited lenders listed on the state development bank’s website for the scheme.
“We are delighted to have been accredited as a delivery partner for the RLS and to be working with the British Business Bank once again to ensure that businesses in our region can access the finance they need to emerge stronger from the pandemic,” said Grahame Latus, chief executive of Enterprise Answers.
“Our commitment to supporting businesses during the Covid-19 pandemic has never wavered, which ultimately saw us deliver CBILS funding to a diverse range of small- and medium-sized enterprises across our region.
“It is important that we now ensure businesses can access the finance they need to grow and recover, which will be crucial as the economy begins to unwind from an intense period of lockdown and disruption. Government-backed lender guarantees such as RLS can help lenders turn a ‘no’ credit decision into a ‘yes’.
“We have been impressed with the resilience and tenacity of small businesses through an unprecedented and incredibly challenging period in history. Enterprise Answers has an experienced and knowledgeable team who are committed to doing all we possibly can to support businesses right now, so please do not hesitate to get in touch or submit an online enquiry to kickstart your growth or recovery plans.”
The RLS scheme, which can be used for any legitimate business reason and has a maximum facility of £10m, provides loans from £1,000 for asset and invoice finance and from £25,001 for term loans and overdrafts.