Funding Circle accredited to Recovery Loan Scheme

SME alternative lender Funding Circle has been accredited under the British Business Bank’s Recovery Loan Scheme.

The new scheme, which launched on 6 April to evolve the three government-backed pandemic lending initiatives establised in the wake of Covid-19 last year. These were the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Bounce Back Loan Scheme (BBLS).

RLS loans will now be offered alongside Funding Circle’s existing commercial loan product.

Funding Circle, which launched hed ten years ago, says it has lent more than £11.5bn to approximately 100,000 businesses globally.

Lisa Jacobs, Europe Managing Director of Funding Circle, said: “We welcome the opportunity to support thousands of small businesses at this crucial moment in the UK’s recovery. Small businesses are the backbone of the economy, and with 70 per cent of our customers saying they require further funding, continued access to finance is more important than ever.”

Funding Circle was the third-largest provider of finance under the Coronavirus Business Interruption Loan Scheme (CBILS).

Read more:Recovery Loan Scheme — The good, the bad and the ugly