Tower Leasing approved for recovery loan scheme

The British Business Bank (BBB) has accredited Tower Leasing for the recovery loan scheme (RLS).

The alternative lender covers all aspects of equipment leasing and business finance, specialising in asset finance, new start funding, property finance and technology.

Last year, Tower Leasing was approved for the coronavirus business interruption loan scheme, which closed for applications at the end of March and was replaced by the RLS on 6 April.

Read more: Third of SME owners became personal guarantors in 2020

The scheme, which can be used for any legitimate business reason and has a maximum facility of £10m, provides loans from £1,000 for asset and invoice finance and from £25,001 for term loans and overdrafts.

Over recent weeks the BBB has been busy approving more lenders to the RLS. Some recent accreditations include: Funding Circle, BCRS Business Loans, Close Brothers, Investec, Cynergy Bank, Atom, Metro Bank, Enterprise Answers, ART Business Loans and United Trust Bank.

There are now 36 accredited lenders listed on the state development bank’s website for the scheme.