Three more lenders accredited for the recovery loan scheme

The British Business Bank (BBB) has accredited Leumi UK, Leumi ABL and Let’s Do Business Finance for the recovery loan scheme (RLS).

Leumi UK and Leumi ABL are both subsidiaries of the Bank Leumi Group.

Leumi UK specialises in finance for property, trade, commercial or hotels while Leumi ABL’s expertise lies in structured asset backed lending facilities up to £37.5m.

Let’s Do Business Finance aims to support businesses across the South East to start-up, grow and thrive, as well as increasing employment opportunities to grow its local economies.

All three 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, which was launched on 6 April.

Read more: Small business owners warned about CBILS personal guarantees

The RLS, which will run until the end of the year, subject to a review, 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 BBB has accredited many lenders to the scheme of late.

Recent approvals include: Hitachi Capital (UK), First Enterprise – Enterprise Loans, DSL Business Finance, Shire Leasing, Compass Business Finance, Tower Leasing, Starling Bank, CG Business Finance, Funding Circle and BCRS Business Loans.

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

The BBB’s website now lists 44 RLS accredited lenders in total.