The British Business Bank (BBB) has accredited Simply Asset Finance to the recovery loan scheme (RLS).
Simply, which provides finance to small- and medium-sized businesses to help them purchase equipment, free up working capital and invest in growth, was previously approved for the coronavirus business interruption loan scheme (CBILS).
The RLS is the successor to the government-backed loan schemes including CBILS. It has a £10m maximum limit per business or £30m per group. The minimum facility size offered by Simply is £30,000.
The lender said a key aim of the scheme, which is set to end on 31 December, subject to a review, is to improve the terms on offer to businesses, so if it can offer a company the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, it will do so.
The BBB has accredited many lenders to the scheme recently, including FW Capital, Mercia Asset Management, Shawbrook Bank, Newable, SWIG Finance, Whiterock Finance, Allied Irish Bank (GB) The FSE Group and Maven Capital Partners.
According to the BBB’s website, 59 lenders have been approved under the scheme.
Read more: Assetz Capital reveals RLS rates