RM Funds approved for recovery loan scheme
The British Business Bank (BBB) has accredited RM Funds under the recovery loan scheme (RLS).
The alternative investment manager, which manages capital on behalf of institutional investors, multi-asset allocators, family offices and wealth managers, was previously approved to deliver loans under the coronavirus business interruption loan scheme (CBILS).
The RLS, which launched on 6 April, 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.
Businesses who have accessed a CBILS, coronavirus large business interruption loan scheme (CLBIL) or bounce back loan facility are also able to access RLS loans.
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“We are delighted to continue the relationship with the British Business Bank as an accredited delivery partner for the recovery loan scheme,” said Pietro Nicholls, portfolio manager at RM Funds.
“The Covid-19 pandemic led to unprecedented stress for UK SMEs, disrupting business operations, cashflow and the livelihoods of stakeholders.
“As we now emerge from the pandemic, RM Funds in partnership with our institutional investors and as an RLS lender aims to support UK businesses in achieving their strategic objectives and the next phase of their growth.”
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“RM Funds provides catalytic capital,” said James Robson, chief investment officer at RM Funds.
“We have always been conscious of our ability to positively impact society through the generation of economic, environmental, and social benefits. The accreditation from BBB will see RM Funds further support UK businesses as they continue to recover from the global health pandemic.”
Earlier this month, alternative lender Iwoca was accredited to the RLS and it was reported that the Treasury is considering extending the scheme past its 31 December deadline.