Two other lenders accredited for the payback loan program

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The British Business Bank (BBB) ​​has accredited two other lenders to the Payback Loan Program (RLS).

FW Capital and Mercia Asset Management are the last to be approved.

FW Capital, which provides finance to businesses in the north of England, has already been approved for the Coronavirus Business Interruption Loan (CBILS) program. It will now provide loans between £ 100,000 and £ 750,000 for established businesses on terms of one to five years under the RLS.

Mercia Asset Management is a specialist regional asset manager with approximately £ 940 million in assets under management.

Read more: Two-thirds of SMEs will struggle to repay government-guaranteed loans

Mercia can provide term loans of £ 100,000 to £ 750,000 to small and medium-sized businesses as part of its Northern Powerhouse Investment Fund (NPIF) RLS mandate after providing NPIF loans through CBILS.

The RLS was launched on April 6 of this year, replacing the CBILS, the Bounce Loan Program, and the Coronavirus Business Interruption Loan Program, all of which closed applications on March 31. The new regime will run until December 31, 2021, subject to review.

Read more: Innovate Finance chief applauds strength of P2P lending industry during Covid

Businesses that have already taken out a government guaranteed loan can access the new scheme, although the amount they borrowed under a previous scheme may, in certain circumstances, limit the amount they can borrow in the past. under the RLS.

The BBB has recently accredited many lenders to the program, including Shawbrook Bank, Newable, SWIG Finance, Whiterock Finance, Allied Irish Bank (GB), The FSE Group and Maven Capital Partners, alternative lender ThinCats and peer-to lending platforms. -peer Assetz Capital and financing circle.

58 lenders are approved under the program, according to the BBB website.

Read more: Assetz Capital unveils RLS rates


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