Lender goes live under pandemic-focused Recovery Loan Scheme

Grahame Latus
X The Business Desk

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Alternative business lender Enterprise Answers is now a delivery partner for the new Recovery Loan Scheme (RLS) in the North of England.

The Penrith-based company will deliver loans from £25,001 to £100,000 via the government-backed scheme to support the growth and recovery of businesses that have been impacted by COVID-19.

The not-for-profit lender has delivered its highest ever volume of lending during 2020/21, to businesses during the pandemic through the Coronavirus Business Interruption Loan Scheme (CBILS).

Administered on behalf of the Government by the British Business Bank and delivered through accredited delivery partners, RLS funding can be used for any legitimate business purpose, including to manage cashflow and facilitate investment and growth.

Businesses that have already taken out COVID finance support, such as CBILS or BBLS facilities, are eligible for RLS.

Grahame Latus, Enterprise Answers chief executive, said: “We are delighted to have been accredited as a delivery partner for the Recovery Loan Scheme and to be working with the British Business Bank once again to ensure that businesses in our region can access the finance they need to emerge stronger from the pandemic.

“Our commitment to supporting businesses during the COVID-19 pandemic has never wavered, which, ultimately, saw us deliver CBILS funding to a diverse range of SMEs across our region.”

He added: “It is important that we now ensure businesses can access the finance they need to grow and recover, which will be crucial as the economy begins to unwind from an intense period of lockdown and disruption. Government-backed lender guarantees such as RLS can help lenders turn a ‘no’ credit decision into a ‘yes’.”

The lender has been supporting businesses that are unable to access finance from traditional lenders for the past 16 years and has a COVID-safe loan process in operation. The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.