The British Business Bank (BBB) has accredited two more lenders to the recovery loan scheme (RLS).
FW Capital and Mercia Asset Management are the latest to have been approved.
FW Capital, which provides finance to companies in the north of England, was previously approved for the coronavirus business interruption loan scheme (CBILS). It will now deliver loans between £100,000 to £750,000 for established businesses at terms of one to five years under the RLS.
Mercia Asset Management is a regionally focused specialist asset manager with around £940m of assets under management.
Mercia can provide term loans from £100,000 up to £750,000 to small- and medium-sized enterprises under its Northern Powerhouse Investment Fund (NPIF) RLS mandate after providing NPIF loans through CBILS.
The RLS was launched on 6 April this year, replacing CBILS, the bounce back loan scheme and coronavirus large business interruption loan scheme which all closed for applications on 31 March. The new scheme will run until 31 December 2021, subject to review.
Businesses that have previously taken out a government-backed loan are able to access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS.
The BBB has accredited many lenders to the scheme recently, including Shawbrook Bank, Newable, SWIG Finance, Whiterock Finance, 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.
58 lenders are approved under the scheme, according to the BBB’s website.
Read more: Assetz Capital reveals RLS rates