The British Business Bank has accredited Manx Financial Group, the financial services group which includes Conister Bank and Conister Finance & Leasing (CFL), has been accredited for the recovery loan scheme (RLS).
CFL, which is part of Manx Financial Group, will use its RLS offering to continue its focus on lending to robust small- and medium-sized enterprise (SME) businesses in sectors that it believes will thrive in the future.
It was previously accredited for the coronavirus business interruption loan scheme (CBILS) and the bounce back loan scheme (BBLS) and delivered £40m through the schemes.
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“We are delighted to be able to continue backing SMEs via the RLS programme,” said Douglas Grant, the group’s finance director.
“This will provide the necessary catalyst many sectors require to thrive. We are pleased to see the government look beyond the more obviously resilient markets as this scheme is designed to support those businesses adversely impacted by the pandemic, such as our hospitality and leisure sectors.
“Conister Bank Limited and CFL will continue to do all it can, working alongside the government and traditional lenders, to provide the necessary support.”
The RLS scheme launched on 6 April, replacing CBILS, BBLS and the coronavirus large business interruption loan scheme, and will run until the end of the year, subject to a review. The scheme has a £10m maximum limit per business or £30m per group.
The BBB has accredited many lenders to the RLS recently, including Finance For Enterprise, Simply Asset Finance, British Enterprise Fund, Shawbrook Bank, Newable, SWIG Finance, Whiterock Finance, Allied Irish Bank (GB), The FSE Group and Maven Capital Partners.
According to the state development bank’s website, 62 lenders have been accredited to the scheme.