Business Enterprise Fund (BEF) is pleased to announce that it has been accredited to provide Recovery Loan Scheme (RLS) backed loans.
The new iteration of the Recovery Loan Scheme (RLS) is designed to support access to finance for UK businesses as they look to invest and grow.
Under the scheme, BEF will provide loans from £25,001 to £250,000. Businesses can use the finance for any legitimate business purpose – including managing cashflow, investment and growth.
Simon Jackson, Head of Investment said: “We are delighted to receive this important accreditation as it enables us to continue to support businesses across the North who are unable to secure funding from mainstream lenders.”
In the last year, BEF invested £14.6m in loans under the previous RLS scheme which helped to close the funding gap that hinders the growth of businesses led by underserved groups – women, ethnic minorities, and young people.
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 & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.