ART Business Loans and United Trust Bank are the latest lenders to be accredited to the Recovery Loan Scheme (RLS).
ART Business Loans says that it lends £10,000 to £150,000 to West Midlands businesses that are unable to access the finance they need from the banks.
United Trust Bank is a specialist bank that provides a wide range of secured funding facilities including bridging loans, development finance and asset finance, as well as deposit accounts for individuals, businesses and charities.
This follows the British Business Bank’s announcement earlier today that Enterprise Answers, which focuses on lending to businesses in the North of England, had been accredited under the scheme.
The RLS is the successor to several government-backed lending schemes to support businesses during the pandemic, including the coronavirus business interruption loan scheme which closed for new applications on 31 March this year.
The RLS, 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.
Last month, Funding Circle became the first peer-to-peer lending platform accredited under the scheme.