Aldermore now accredited to offer invoice finance under Recovery Loan Scheme
Aldermore, the specialist bank, today confirms it is now an accredited lender under the invoice finance variant of the British Business Bank administered Recovery Loan Scheme (RLS).
The Recovery Loan Scheme supports access to finance for UK businesses as they recover and grow following the pandemic, and can be used for any legitimate business purpose, including managing cashflow, growth and investment.
An accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS), Aldermore also offers the asset finance variant of the RLS.
The scheme will enable Aldermore to provide invoice finance RLS facilities or a term loan in conjunction with an invoice finance facility to SMEs who have been affected by the Covid-19 pandemic. It launched on 6 April 2021 and will continue until 31 December 2021.
Aldermore’s Invoice Finance RLS features
Invoice finance RLS facility:
- A fixed £ value up to a maximum of the facility review limit. Value is determined by the lender
- The maximum lending value of £10m
- Available for a term of between 3 months and 3 years
Term loan:
- Sits alongside the client’s invoice finance facility with Aldermore
- Term Loan maximum amount is £10m (minimum term loan of £25k)
- For a maximum term of up to 6 years
Tim Boag, group managing director, business finance at Aldermore, said: “We’re delighted that we can now offer both the asset finance and invoice finance variants of the Recovery Loan Scheme, enabling us to provide funding support which will help SMEs bounce back and grow following the impact of the pandemic.
“Supporting SMEs as they recover from the Covid-19 pandemic will be crucial for the UK economy moving forwards and so we welcome the introduction of the scheme by the government and look forward to working closely with the British Business Bank to offer this new scheme to our customers”.
The full customer criteria can be found on our website here.