Alternative lender MarketFinance has increased the amount that can be borrowed via the recovery loan scheme (RLS) to £350,000.
Previously, the maximum loan amount that was offered by the platform was £250,000.
“We’ve been funding through the (RLS) for a month now and are excited to have supported so many businesses already,” the platform said.
“Today we’re even more excited to announce that we can offer loans up to £350,000 through the scheme!”
MarketFinance now offers RLS loans from £50,000 to £350,000 over a term time of up to six years. Borrowers will make interest only payments for the first six months, with interest rates ranging from between 7.6 per cent and 10.18 per cent thereafter.
The lender recently announced that it will lend up to £280m under the RLS. This money was secured through an equity and debt fundraise led by Italy’s largest bank Intesa Sanpaolo, Black River Ventures and Barclays Bank.
75 lenders have now been authorised to run the RLS. The scheme was first introduced in April 2021 as a follow on to the coronavirus business interruption loan scheme (CBILS) and the bounce back loan scheme (BBLS).
MarketFinance deployed more than £250m under CBILS.
Earlier this week it was reported that Chancellor Rishi Sunak plans to extend the scheme for another six months past its original deadline of 31 December 2021.