British Business Bank (BBB) has accredited Starling Bank and CG Business Finance for the Recovery Loan Scheme (RLS).
The Starling Bank, which is more than 358 million) under the RLS.
The digital bank, which does not ask for personal guarantees, charges interest according to the terms and conditions.
Business owners can apply for a Starling RLS term loan if they are a limited company or limited partnership, have been in trading for at least 24 months, pass lender affordability reviews, and have a good credit history with no arrears or defaults.
Sterling Bank has made the majority of its CBILS loans to small businesses through Funding Circle and is planning to acquire a lending business.
In the meantime, CG Business Finance will offer business loans ranging from £ 25,001 to £ 100,000 aimed solely at companies based in Greater Manchester.
Both lenders opened today for applications under the RLS.
This month, BBB also accredited Funding Circle, BCRS Business Loans, Close Brothers, Investec, Cynergy Bank, Atom and Metro Bank with the RLS.
There are currently 32 accredited lenders listed on the State Development Bank’s website for the program.
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“Business owners have worked hard to survive and, in some cases, grow in an extremely difficult, unusual, and uncertain economic environment,” said Helen Bierton, Starling Bank’s chief banking officer.
“When the economy recovers, many will need additional help to support their recovery, investment and growth. Starling will be here with RLS credit to help with this. We are pleased to be working with the British Business Bank as the RLS Lender. “
The RLS system, which can be used for legitimate business reasons and has a maximum facility of £ 10 million, offers loans from £ 1,000 for asset and bills financing and from £ 25,001 for term loans and overdrafts. It was launched on April 6th and replaced CBILS.