The British Business Bank (BBB) has accredited two more lenders to the recovery loan scheme (RLS), Genesis Asset Finance and Independent Growth Finance.
Genesis Asset Finance is a family run asset finance and refinance funder for small- and medium-sized enterprises (SMEs) that has provided over £10m of funding to date.
IGF is an asset-based lender that provides up to £15m in flexible finance to SMEs.
Both were previously accredited to the coronavirus business interruption loan scheme (CBILS) which closed for applications at the end of March and was replaced by the RLS which launched on 6 April. The RLS is due to run until the end of the year, subject to a review.
The RLS has a £10m maximum limit per business or £30m per group.
To qualify for a loan under the scheme, the borrower must be carrying out trading activity in the UK and confirm it has been impacted by the pandemic.
Lenders have to undertake credit and fraud checks for applicants and consider that the borrower has a viable business proposition, although they may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid.
The BBB has accredited many lenders to the RLS recently, including Conister Finance & Leasing, 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.
64 lenders have been accredited to the scheme, according to the state development bank’s website.