Another two lenders join recovery loan scheme
The British Business Bank (BBB) has accredited DSL Business Finance and Shire Leasing for the recovery loan scheme (RLS).
DSL Business Finance provides business loans to start-up and growing businesses in Scotland while Shire Leasing offers equipment leasing and asset finance solutions to UK businesses.
Both lenders were previously accredited under the coronavirus business interruption loan scheme (CBILS), 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, will run until the end of the year, subject to a review.
It 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.
Recently the BBB has accredited: Compass Business Finance, Tower Leasing, Starling Bank, CG Business Finance, Funding Circle, BCRS Business Loans, Close Brothers, Investec, Cynergy Bank, Atom, Metro Bank, Enterprise Answers, ART Business Loans and United Trust Bank to the RLS.
There are now 39 accredited lenders listed on the state development bank’s website for the scheme.
