The British Business Bank (BBB) has accredited North East of England lender NEL Fund Managers for the recovery loan scheme (RLS).
The lender will provide state-backed RLS loans to eligible businesses in Durham, Northumberland and Tyne & Wear as they recover and grow following the pandemic.
The lender was previously accredited to the coronavirus business interruption loan scheme (CBILS), which closed for applications at the end of March and was replaced by the RLS in April.
The RLS has a maximum facility of £10m, provides loans from £25,001 for term loans and overdrafts and from £1,000 for asset and invoice finance.
The BBB has accredited many lenders to the scheme of late.
Recent approvals include: Time Finance, Leumi UK, Leumi ABL, Let’s Do Business Finance, Hitachi Capital (UK), First Enterprise – Enterprise Loans, DSL Business Finance, Shire Leasing, Compass Business Finance, Tower Leasing and Starling Bank.
The BBB’s website now lists 46 RLS accredited lenders in total.
The latest figures from the British Business Bank have revealed lenders have delivered 1,670,939 loans worth £79.3bn through Covid state-backed lending schemes.