The British Business Bank (BBB) has accredited Finance For Enterprise for the recovery loan scheme (RLS).
The alternative lender will deliver RLS loans worth between £25,001 and £250,000 to businesses across Yorkshire, the Humber and the North Midlands.
These loans can be used for any legitimate business purpose including managing cashflow, investment in new equipment and preparing for future growth.
The RLS is designed to appeal to businesses that can afford to take out additional finance for these purposes.
Businesses that have taken out a coronavirus business interruption loan scheme (CBILS), coronavirus large business interruption loan scheme or bounce back loan scheme facility 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 the RLS.
Finance for Enterprise has lent out more than £15m to businesses over the past 12 months, boosted by its participation in CBILS – the predecessor to RLS. It said that through CBILS, it helped to support 287 businesses during the Covid-19 pandemic, resulting in more than 3000 jobs being safeguarded, as well as helping 910 new entrepreneurs to launch start-ups.
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“Small- and medium-sized enterprise businesses are the lifeblood of the region’s economy, yet when it comes to being able to access the financial support needed to prosper, they are all too often overlooked,” said Andrew Austwick, managing director of Finance For Enterprise.
“We have worked with the British Business Bank for a number of years, helping to break down the barriers to create an environment where viable businesses can prosper, and becoming an accredited delivery partner to the RLS comes at a time when many business owners are looking toward a brighter future.
“Being accredited as a delivery partner under the RLS is something we’re incredibly proud of. During the past 12 months, our investment managers have worked tirelessly to help businesses across the region access the vital funds needed to adapt and respond to the challenges posed by Covid-19, and we’re looking forward to playing our part in helping small businesses to overcome the financial barriers to growth.”
The BBB has accredited many lenders to the scheme recently, including Simply Asset Finance, British Enterprise Fund, Shawbrook Bank, Newable, SWIG Finance, Whiterock Finance, Allied Irish Bank (GB), The FSE Group and Maven Capital Partners.
61 lenders are accredited to the RLS scheme according to the state development bank’s website.