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Atom Bank accredited under new iteration of the Recovery Loan Scheme
The app-based bank received more than £550m of applications when it first took part in the government's RLS.
A new iteration of the government’s Recovery Loan Scheme (RLS) has landed, and Atom Bank is one of eleven lenders currently accredited by the British Business Bank.
Other high street banks, including HSBC,NatWest and Lloyds have also been accredited to the scheme, designed to support access to finance for UK businesses looking to invest and grow.
Through RLS, Atom will offer secured loans from £250,000 to £2m through its network of more than 200 independent brokers across the UK.
As a result of the accreditation from the British Business Bank, Atom can continue lending under the RLS and says it will be accepting new customers soon.
“Atom has always been fiercely passionate about supporting small businesses and helping them achieve their potential through fair and responsible lending,” Atom Bank commercial director Chris Storey said.
“Having played an important part of both the [Coronavirus Business Interruption Loan Scheme] CBILS and then RLS scheme for UK businesses, offering new-to-bank and existing customers access to much needed capital, we look forward to welcoming new customers and supporting our rapidly growing group of existing customers with secured RLS loans.”
In Atom’s initial participation in RLS, it received more than £550m in applications.
Following a successful year in which it grew its book to more than £1bn and delivered its thousandth secured loan to an SME customer, Atom also voluntarily committed to the Lending Standards Board’s Standards of Lending Practice for business customers last month.
“This is the latest commitment we have made beyond our regulatory obligations to driving fair outcomes for SMEs and always placing the customer at the heart of everything we do,” Storey added.
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