Lender goes live with Recovery Loan Scheme
An alternative business lender in the West Midlands has gone live as a delivery partner for the new Recovery Loan Scheme (RLS).
BCRS Business Loans will deliver loans from £25,000 to £150,000 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 recently announced that it had delivered a record £13.3mto 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 such as BCRS, RLS funding can be used for any 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.
Stephen Deakin, chief executive of BCRS Business Loans, said: “We are delighted to have been accredited as a delivery partner for the Recovery Loan Scheme (RLS) and to be working with the British Business Bank once again to ensure that no viable business is left unsupported at this time.
“Our commitment to supporting businesses during the Covid-19 pandemic has never wavered, which ultimately saw us deliver our full allocation of CBILS funding to SMEs in the West Midlands.
“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 uncoil. Government-backed lender guarantees such as RLS help lenders turn a ‘no’ credit decision into a ‘yes’.
“I continue to be amazed by the grit, strength and resilience of our small business community during what has been one of the most challenging periods in history. BCRS has a highly experienced and knowledgeable team and we are committed to doing all we possibly can to support businesses right now, so please do get in touch or submit an online loan application form to kickstart your growth and recovery plans.”
