Two more lenders have been accredited to the recovery loan scheme (RLS), the Coventry and Warwickshire Reinvestment Trust (CWRT) and Robert Owen Community Banking Fund.
CWRT is a not-for-profit specialist finance provider committed to supporting businesses and individuals primarily based in Coventry and Warwickshire. Under the RLS, the lender will deploy funds from £25,001 up to a maximum facility of £150,000.
Meanwhile, Robert Owen Community Banking Fund is a not-for-profit organisation that secures local investment and public funds to provide loans for businesses, homes and community initiatives across Wales. The lender will offer loans between £25,001 to £50,000 through the RLS.
According to the bank’s website, 78 lenders have been accredited to deliver RLS loans.
Chancellor Rishi Sunak’s Autumn Budget announced that the scheme will be extended until 30 June, but the finance available to businesses will drop from up to a maximum of £10m per company to a maximum of £2m, and the government guarantee will be reduced from 80 per cent to 70 per cent of the value of each loan.