£1.06bn offered through almost 6,200 facilities to smaller businesses across the UK and over 5,100 facilities have already drawn down, providing £823m of funding.
The British Business Bank has announced that the Recovery Loan Scheme has passed a significant milestone, with 76 accredited lenders having offered over £1bn to smaller UK businesses as they steer a path towards a sustainable recovery.
Of the £1.06bn of funding offered through 6,190 facilities so far, £822.8m has been drawn down through 5,137 facilities.
The Recovery Loans Scheme launched in April 2021 and is currently scheduled to run until 31 December 2021. The scheme supports borrowing of up to £10m for individual businesses and up to £30m across a group, with funds available for any legitimate business purpose, including managing cashflow, growth and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes.
Catherine Lewis La Torre, CEO, British Business Bank, said: “Businesses up and down the country are beginning to look beyond the pandemic towards the opportunities available to them in the recovery. The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably in the future. In meeting the £1 billion milestone, the Recovery Loan Scheme is demonstrating its impact by helping thousands of companies to fund their further development.”
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British Business Bank. 2021. Recovery Loan Scheme offers over £1bn to smaller businesses. [online] Available at: <https://www.british-business-bank.co.uk/press-release/recovery-loan-scheme-offers-over-1bn-to-smaller-businesses/> [Accessed 27 October 2021].