23 lenders now approved for new RLS
23 lenders have now been authorised to deliver funding under the new iteration of the Recovery Loan Scheme (RLS).
Over the past week, eight more lenders have been announced by the British Business Bank (BBB), which is administering the scheme.
These include Barclays, Business Enterprise Fund, CWRT, Finance for Enterprise, The FSE Group, Mercia Asset Management, Robert Owen Community Banking, and Time Finance.
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They join existing RLS lenders BCRS Business Loans, Ulster Bank, Atom Bank, HSBC, Genesis Asset Finance, Bank of Scotland, Coventry & Warwickshire Reinvestment Trust, Lloyds Bank, NatWest, Royal Bank of Scotland, Tower Leasing, Shire Leasing, UKSE and Let’s Do Business Finance.
To date, no peer-to-peer lending platforms have been authorised to deliver the latest government-backed lending scheme.
The new iteration of the scheme allows businesses to apply for loans up to the value of £2m, or £1m for businesses in Northern Ireland. The government will underwrite 70 per cent of each loan, and fees will be capped at 14.99 per cent.
However, each lender has detailed different terms for its RLS lending.
Robert Owen Community Banking is offering loans only between the value of £25,000 and £50,000 with flexible repayment terms.
Business Enterprise Fund is offering loans up to the value of £250,000, while Mercia is offering loans of between £100,000 and £750,000. CWRT is advertising loans of between £25,001 and £150,000.
The FSE group is supporting eligible businesses in the Greater London area and the Midlands, with loans ranging from £100,000 to £1.5m.
Finance for Enterprise is only lending to businesses based in Yorkshire and the Humber, East Midlands, West Midlands and the North East, with loans of up to £250,000.
Meanwhile Time Finance is delivering its RLS funding exclusively through brokers.
Barclays has not yet clarified its terms.
Read more: Four more lenders join new RLS