The Business Enterprise Fund (BEF) has received approval to join the recovery loan scheme (RLS).
BEF is a not-for-profit social enterprise which provides unsecured and secured loans to small- and medium-sized enterprises in the North of England.
The RLS, overseen by the British Business Bank, is the successor to a number of government-backed loan schemes. It has a £10m maximum limit per business or £30m per group. The new scheme will run until 31 December 2021, subject to review.
Businesses which previously took out a government-backed loan can access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they can borrow under the RLS.
The British Business Bank 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.