Social Investment Business accredited for recovery loan scheme
The British Business Bank (BBB) has accredited Social Investment Business under the recovery loan scheme (RLS).
The UK registered charity and trading company that offers loans, grants and other financial products to charities and social enterprises will now deliver loans under the state-backed scheme.
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 that have a viable business proposition and were hit by the pandemic.
The government underwrites 80 per cent of the value of each loan.
Read more: Starling Bank predicts RLS follow-on scheme in 2022
Social Investment Business was previously approved for the coronavirus business interruption loan scheme (CBILS) and Resilience and Recovery Loan Fund (RRLF), which was established to make CBILS more accessible to charities.
The RRLF was an emergency fund, which provided repayable finance to charities and social enterprises directly affected by the Covid-19 crisis.
Read more: Four in 10 businesses are now using external finance
The BBB has accredited many lenders to the RLS recently, including RM Funds, Iwoca, MarketFinance, Haydock Finance, Arkle Finance, Nucleus Commercial Finance, BLG and InterBay Asset Finance.
73 lenders have been approved to participate in the scheme according to the state development bank’s website.
Read more: Alternative lenders accredited for recovery loan scheme
Earlier this month, it was reported that the Treasury is considering extending the RLS past its 31 December deadline.