So far, more than £ 300million in Recovery Loan Program (RLS) funding has been arranged through finance options, the business finance aggregator has revealed.
Funding Options released the figure in a Twitter post today (November 16).
He said he has helped companies connect with £ 325million RLS funding to help them recover from the pandemic.
Read more: Funding Circle Describes RLS Interest Rates and Criteria
The RLS offers lenders a public guarantee of 80% of the value of each loan, in case the borrower is unable to repay.
It was launched in April to replace the coronavirus business interruption loan program.
The program is designed to help UK businesses navigate the post-Covid economic landscape by providing up to £ 10million through term loans, overdraft facilities, bill financing or bank financing. active.
It was scheduled to close on December 31, 2021, but the Treasury recently announced an extension to bring the program to June 30, 2022.
Chancellor Rishi Sunak’s fall budget also unveiled changes to the program. The funding available to businesses under the RLS will drop next year to a maximum of £ 2million and the government guarantee will be reduced from 80 percent to 70 percent.
Only two peer-to-peer lenders are currently accredited to provide financing by RLS, Funding Circle and Assetz Capital.
Stuart Law, Managing Director of Assetz Capital, said Peer2Peer Financial News earlier this month, the platform will continue to offer RLS loans but at a limited capacity due to changes to the program.