The British Business Bank (BBB) has accredited Social Investment Business under the recovery loan scheme (RLS).
The UK registered charity and trading company that offers loans, grants and other financial products to charities and social enterprises will now deliver loans under the state-backed scheme.
The RLS, which launched on 6 April, has a £10m maximum limit per business or £30m per group and aims to support small- and medium-sized enterprises that have a viable business proposition and were hit by the pandemic.
The government underwrites 80 per cent of the value of each loan.
Social Investment Business was previously approved for the coronavirus business interruption loan scheme (CBILS) and Resilience and Recovery Loan Fund (RRLF), which was established to make CBILS more accessible to charities.
The RRLF was an emergency fund, which provided repayable finance to charities and social enterprises directly affected by the Covid-19 crisis.
73 lenders have been approved to participate in the scheme according to the state development bank’s website.
Earlier this month, it was reported that the Treasury is considering extending the RLS past its 31 December deadline.