Innovative Finance ISA (IFISA) provider Triple Point has been accredited to the recovery loan scheme (RLS).
The investment manager, which offers IFISA-eligible investments through its Triple Point Income Service, facilitated more than £147m through the coronavirus business interruption loan scheme (CBILS), and will now deploy funding through the RLS until its 30 June deadline.
The RLS was launched in April last year as a replacement to the previous government support schemes including CBILS, then in October was extended from its original 31 December deadline, but with major changes.
From the start of January, the finance available to businesses was reduced from up to a maximum of £10m per company to a maximum of £2m, and the government guarantee was cut from 80 per cent to 70 per cent.
Read more: Funding Circle to review retail P2P in June
“We are proud to continue our partnership with the British Business Bank following our involvement in CBILS, in which we supported over 60 UK based businesses with £147m of funding from April 2020 to summer 2021,” said Toby Furnivall, head of direct lending at Triple Point.
“The RLS accreditation will help us to continue providing loans at what is a crucial time for the UK small- and medium-sized enterprise population as they build back from the numerous challenges that the Covid-19 pandemic has thrown at them.”
The British Business Bank has now approved 82 lenders to the scheme, according to the bank’s website.