Barclays, Lloyds Bank and NatWest are among the 19 accredited lenders to offer finance under the landmark Recovery Loan Scheme (RLS), it has been revealed.
The report comes after the Government published the full list of providers approved to support businesses as they move into the recovery stage of the pandemic.
In alphabetical order, the approved lenders include: Aldermore, Arbuthnot Latham, Bank of Scotland, Barclays, Clydesdale Bank, Danske Bank, Ebury, HSBC UK, Lloyds Bank, NatWest, OakNorth Bank, Paragon, Santander, Scania Financial Services, SecureTrust Bank, Skipton Business Finance, Royal Bank of Scotland, Ulster Bank, and Yorkshire Bank.
Publishing the list, the British Business Bank (BBB), who administers the scheme, said businesses can only apply for a loan under the RLS through an approved provider.
Any lender not on the official list may be trying to defraud your business.
Under the RLS, businesses of all sizes and sector can apply for term loans, asset finance, overdrafts, and invoice finance of up to £10 million.
Commenting on the initiative, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: “Accessing finance remains crucial to the lifeblood of a business and so the launch of the Recovery Loan scheme is welcome. The new scheme can play a potentially pivotal role in supporting the recovery by getting credit flowing to the firms who most need it.
“Chambers of Commerce will continue to work with government and the banks to ensure that businesses have the clarity they need to enable them to use the new scheme to help them return to growth.”
The Recovery Loan Scheme launched on 06 April 2021. For help and advice applying for a loan under this scheme or any others, please get in touch with our expert corporate finance team today.