Growth Lending joins recovery loan scheme
Alternative finance provider Growth Lending has become the latest platform to be accredited under the recovery loan scheme (RLS).
The Bristol-based lender specialises in providing funding to high-growth companies via revolving credit facilities, flexible invoice discounting and selective invoice finance.
With the addition of Growth Lending, the British Business Bank has now accredited 75 alternative and high street lenders for the scheme, including several peer-to-peer lending platforms.
Read more: Starling Bank predicts RLS follow-on scheme in 2022
It was revealed yesterday that the Chancellor Rishi Sunak plans to extend the loan scheme for another six months past its initial deadline of 31 December 2021. It is believed that Sunak will use his 27 October budget speech to make the extension official.
The RLS was launched on 6 April as a follow on scheme to the government-backed coronavirus business interruption loan scheme (CBILS). Growth Funding was among the dozens of companies which won approval to offer CBILS funding.
The RLS has a £10m maximum limit per business or £30m per group and aims to support small- and medium-sized enterprises (SMEs) that have a viable business proposition and were hit by the Covid-19 crisis.
It was designed to help businesses as they recover and grow following the pandemic with funds to be used for any legitimate business purpose, including managing cashflow, growth and investment.
Read more: RM Funds approved for recovery loan scheme