Alternative business lending specialist Finance For Enterprise is set to help more businesses recover from the impact of the Covid-19 pandemic after being accredited as a delivery partner for the Government-backed Recovery Loan Scheme.
Launched by the British Business Bank in April 2021, the Recovery Loan Scheme supports access to finance for UK businesses as they recover and grow following the pandemic.
As an accredited delivery partner under the Recovery Loan Scheme, Finance For Enterprise will provide loan funding to businesses worth between £25,001 and £250,000, which can be used for any legitimate business purpose including managing cashflow, investment in new equipment and preparing for future growth.
It is designed to appeal to businesses that can afford to take out additional finance for these purposes. Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS.
Andrew Austwick, Managing Director (pictured) said: “SME businesses are the lifeblood of the region’s economy, yet when it comes to being able to access the financial support needed to prosper, they are all too often overlooked. We have worked with the British Business Bank for a number of years, helping to break down the barriers to create an environment where viable businesses can prosper, and becoming an accredited delivery partner to the Recovery Loan Scheme comes at a time when many business owners are looking toward a brighter future.
"Being accredited as a delivery partner under the Recovery Loan Scheme is something we’re incredibly proud of. During the past 12 months, our Investment Managers have worked tirelessly to help businesses across the region access the vital funds needed to adapt and respond to the challenges posed by Covid-19, and we’re looking forward to playing our part in helping small businesses to overcome the financial barriers to growth.”
Finance For Enterprise supports businesses across Yorkshire, the Humber and the North Midlands, and over the past 12 months it has helped businesses in the region to access more than £15m in loan funding, and as a delivery partner for the CBILS scheme, it has helped to support 287 businesses during the Covid-19 pandemic, resulting in more than 3000 jobs being safeguarded, as well as helping 910 new entrepreneurs to launch start-ups.