The British Business Bank (BBB) has accredited three lenders to the recovery loan scheme (RLS), Newable, SWIG Finance and Whiterock Finance.
All three were previously approved for the coronavirus business interruption loan scheme.
Newable, which provides finance, professional support and office spaces to businesses, will offer RLS loans from £25,001 to £250,000 secured on commercial or residential investment properties at rates of 10 per cent per annum and terms of one to three years with no early settlement fees.
SWIG Finance facilitates business loans to start-ups and growing small- and medium-sized enterprises across the South-West and will now provide RLS loans to UK businesses impacted by Covid that pass credit and fraud checks.
It does not have a turnover limit and will consider that the borrower has a viable business proposition but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.
Whiterock Finance is a Northern Irish fund manager which has £115m under management across three funds helping companies grow, also provides property and commercial finance, and will provide loans under the RLS, which was launched on 6 April and will run until 31 December 2021, subject to review.
The BBB has accredited many lenders to the scheme of late, including Allied Irish Bank (GB) The FSE Group and Maven Capital Partners, alternative lender ThinCats, and peer-to-peer lending platforms Assetz Capital and Funding Circle.
55 lenders are approved under the scheme, according to the BBB’s website.