East Midlands lender accredited for the recovery loan scheme

The British Business Bank (BBB) has accredited East Midlands lender First Enterprise – Enterprise Loans for the recovery loan scheme (RLS).

The lender works across the East Midlands and South East Midlands as a not for profit, government-backed organisation to provide vital business support, advice, business loans and new start-up finance.

It will support companies across these regions with loans ranging from £25,001 to £250,000 under the RLS, which was launched on 6 April.

First Enterprise – Enterprise Loans was previously accredited under the coronavirus business interruption loan scheme (CBILS), which closed for applications at the end of March.

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The RLS, 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.

The scheme, which will run until the end of the year, subject to a review, is open to businesses that had previously taken out a CBILS, coronavirus large business interruption or bounce back loan.

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.

To date, the BBB has accredited DSL Business Finance, Shire Leasing, 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 40 accredited lenders listed on the state development bank’s website for the scheme.