Kingsway Finance has become the latest lender to win accreditation to offer the recovery loan scheme (RLS) to its business borrowers.
The asset finance company will provide RLS term loan funding from £25,001 to £250,000 over two to five years, with no personal guarantees required.
Kingsway Finance is part of The Praetura Group, which specialises in alternative equity and debt funding solutions to small- and medium-sized enterprises (SMEs), predominantly in the North of England.
The company was previously approved to offer the coronavirus business interruption loan scheme (CBILS) – a precursor to the RLS.
“Following on from the success of the number of SMEs Kingsway’s CBILS funding facilities were able to assist, it is important that we keep striving to offer businesses access to the most suitable funding for their specific circumstances,” said Peadar O Reilly, chief executive of Praetura Asset Finance Group.
“Through our accreditation to the recovery loan scheme, the Praetura Asset Finance Group is once again able to enhance the range of funding facilities in the group’s portfolio for small and medium-sized businesses.”
Applications for Kingsway’s new RLS facilities will be opened to both new and existing SME customers via referrals from a select panel of approved broker and intermediary partners.
“At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market,” said Mike Day, sales director at Kingsway Finance.
“Now as an accredited non-bank lender under the government backed RLS initiative, we look forward to providing qualifying businesses with the much-needed support they require to recover, strengthen, develop and diversify, via our panel of selected intermediaries.”
Read more: CBILS and BBLS defaults could hit £22bn