British Business Bank Recovery Loan Scheme
By David Marshall
The British Business Bank Recovery Loan Scheme was launched this week as the replacement Government backed lending scheme to succeed the various Coronavirus Loan Schemes. However, be aware options are limited just now.
At present, there are only eighteen accredited lenders and of these, ten are immediately recognisable as the High Street Banks where we have seen limited appetite for new to Bank customers. The other eight are specialist lenders and as such only provide limited opportunities to support the majority of SME’s.
The good news is that we would always advocate approaching your own Bank before looking elsewhere and this avenue at least looks to be open now.
If your own Bank is unable to help, we fully expect the number of lenders accredited to the scheme will expand significantly over the next few weeks.
When accredited, many of the lenders will be unfamiliar names and a number will be targeting specific geographies, sectors, amount or offering specific products. This is where using a Commercial Finance Broker saves time. Here at Sterling Commercial Finance we work on an entirely contingent basis, so if we don’t manage to secure a suitable offer of finance, there is no charge.
Further information regarding the Recovery Loan Scheme is available at:-