The British Business Bank (BBB) has accredited Arkle Finance to the recovery loan scheme (RLS).
The lender provides corporate, small business and consumer asset finance. Arkle Finance also offers specialist finance for educational institutions as well as specialist funding for renewable energy installations; inland and ocean-going vessels.
The lender was previously accredited to the coronavirus business interruption loan scheme, which was closed for applications at the end of March and was replaced by the RLS when the new scheme was introduced on 6 April.
The RLS, which is due to run until the end of the year, subject to a review, has a £10m maximum limit per business or £30m per group.
Lenders have to undertake credit and fraud checks for applicants to the scheme and consider that the borrower has a viable business proposition. To qualify for an RLS loan, the borrower must be carrying out trading activity in the UK and confirm it has been impacted by the pandemic.
The BBB has accredited many lenders to the RLS recently, including Nucleus Commercial Finance, BLG, InterBay Asset Finance, Genesis Asset Finance, Independent Growth Finance, Conister Finance & Leasing, Finance For Enterprise, Simply Asset Finance, British Enterprise Fund and Shawbrook Bank.