Assetz Capital accredited to the recovery loan program
Assetz Capital became the second peer-to-peer lending platform to be accredited with the Recovery Loan Scheme (RLS).
The platform has loaned £ 370million to UK small and medium-sized enterprises (SMEs) through the Coronavirus Business Interruption Loan Program (CBILS) since its approval for the program in May 2020.
Under the RLS, Assetz Capital will provide asset-backed loans between £ 250,000 and £ 1million to UK SMEs, covering both commercial mortgages and development finance.
The accreditation of Assetz Capital under the RLS, which replaced previous state-backed Covid programs, including CBILS, came after Funding Circle was approved to provide funding through the program in May.
“We are thrilled to be accredited and look forward to helping even more SMEs recover from the impacts of the pandemic,” said Stuart Law (pictured), Managing Director of Assetz Capital.
“We exist to support the growth of UK SMEs, so being accredited as a lender under RLS is a natural step for us after our success in delivering CBILS and our previous £ 1bn of additional loans outside of the pandemic .
“It is SMEs that will propel the UK economy out of the pandemic and ensuring them continued access to finance is essential. We are eager to play our part.
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The British Business Bank (BBB) has also accredited UKSE, which provides small loans and equity finance to SMEs, to the RLS.
The RLS has a maximum facility of £ 10million and offers loans from £ 1,000 for asset and bill financing and from £ 25,001 for term loans and overdrafts .
The BBB has recently accredited a number of lenders to the program, including fund managers NEL, Time Finance, Leumi UK, Leumi ABL and Let’s Do Business Finance.
Read more: Brokers see growing demand for unsecured finance for SMEs
The BBB website now lists 48 RLS accredited lenders in total.