Merchant Money will lend £150m to SMEs after RLS accreditation
Merchant Money will offer funding of at least £150m to small- and medium-sized enterprises (SMEs) after being accredited to offer the recovery loan scheme (RLS).
The lender, which provides flexible funding to SME businesses across the UK, will deploy a £150m plus funding line from a major UK clearing bank as well as Shawbrook Bank.
Merchant Money said it will offer RLS loans alongside its existing suite of tailored products.
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“We are extremely proud to have secured such a significant funding line from our partners and to have been accredited as a RLS lender by the British Business Bank,” said Luke Jooste, chief executive of Merchant Money.
“It is testimony to our team which supports UK businesses and is perfectly timed as we and UK businesses continue to deal with extremely challenging market conditions.
“Extending our product suite to include RLS loans will enable us to help more small businesses realise their potential at this crucial time in the UK’s economic recovery.
“Small businesses are the backbone of the economy, and with a majority of our customers requiring repeat funding, continued access to finance is more important than ever.”
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“The loan size and flexibility associated with RLS will be welcomed by businesses looking to grow organically or through acquisition,” said Danny Girnun, managing director of Merchant Money.
“Our RLS accreditation also allows us to support small property developers who have been impacted by the pandemic and to help them navigate the well-publicised labour and material shortages in the industry.
“We’ve helped countless businesses of all sizes and in all sectors, and today’s announcements mean we can continue to support many more.”
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“Increased funding availability for the UK’s small businesses is crucial in reviving our economy following such a turbulent couple of years,” said Ismail Farhat, director of Shawbrook Bank.
“We are proud to fund Merchant Money as they facilitate growth amongst our country’s small businesses.”
The British Business Bank has now approved 81 lenders to the RLS, according to the bank’s website.
Last month, ABN AMRO Commercial Finance and Fiduciam were both approved to the scheme.