ABN AMRO Commercial Finance approved for RLS
ABN AMRO Commercial Finance has become the latest lender to be accredited to the recovery loan scheme (RLS).
The lender, which was previously approved for the coronavirus business interruption loan scheme, said that it helps companies with business operations in the UK with an annual turnover of at least £2.5m access the RLS alongside its receivables finance solution.
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Last week Fiduciam became accredited to the RLS and last month, the Coventry and Warwickshire Reinvestment Trust and Robert Owen Community Banking Fund were both approved to the scheme.
According to the British Business Bank’s website, 80 lenders have now been approved under the scheme.
Read more: Businesses urged to ‘act sooner rather than later’ on RLS applications
Chancellor Rishi Sunak’s Autumn Budget announced that the scheme will be extended until 30 June, but the finance available to businesses will fall 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.
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