The Business Magazine - B2B Business News - Site Logo

Warning: Undefined array key "selectissue" in /home/970822.cloudwaysapps.com/utkbfqnuhr/public_html/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 4

Warning: Undefined array key "tbm_visit_edition_me" in /home/970822.cloudwaysapps.com/utkbfqnuhr/public_html/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 22
The Business Magazine - B2B Business News - Site Logo
The Business Magazine May 2024
Read now
PICK YOUR EDITION

Third phase of British Business Bank’s recovery loan scheme hits £1bn

The Business Magazine article image for: Third phase of British Business Bank’s recovery loan scheme hits £1bn
23 January 2024

The British Business Bank’s third recovery loan scheme has now supported £1bn of finance offers to small businesses since its launch in August 2022.

With more than 60 participating lenders, the scheme offers a wide range of finance types, including term loans, asset finance, invoice finance, revolving credit facilities, and a newly launched asset-based lending variant.

More than half of the offered facilities were for growth capital for UK smaller businesses, while many were for working capital. Of the businesses supported, more than 90 per cent had fewer than 50 employees.

Louis Taylor, chief executive of British Business Bank, said: “This milestone is a fantastic achievement for the bank and for all of the lenders participating in the recovery loan scheme.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county

“It’s good to see the diversity of lenders that have joined the scheme and the types of finance they’ve been able to offer – especially asset finance, which is so important to growing and innovating businesses.

“Direct loan guarantee schemes such as this are vital to ensuring the market serves the needs of smaller businesses across the UK.”

The scheme is backed by the UK government and can support facility sizes of up to £2m for most borrowers.

Past beneficiaries have used finance for managing cashflow, investing in new equipment or vehicles, transitioning toward net zero, and developing new products.

Martin McTague, national chair of the Federation of Small Businesses, added: “Keeping finance flowing for small firms is vital to economic growth, and we’re pleased that the third phase of the recovery loan scheme has reached the £1bn mark.

“This shows its importance for the UK business ecosystem as a whole and underlines why its future financing must be confirmed by the government as soon as possible.

Helping startups get off the ground, and grow into scaleups, is key in both the here-and-now and for the UK’s future prospects, especially in our current high interest rate environment.

“Having the scheme set up and ready to go will be invaluable in case of an economic slowdown, to ensure funding gets to firms as swiftly as possible.”

Read more - British Business Bank reveals West Midlands Small Business Ambassador


Share 

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL.

Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience.

Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.

Latest deal ticket

All deals
  • Hazrem Environmental (Wales)
    has been acquired by
    Biffa (Buckinghamshire)
    June 2024
    UNDISCLOSED
    Who's behind the deal?
  • Silex (Hampshire)
    has been acquired by
    Euston Ventures (London)
    June 2024
    UNDISCLOSED
    Who's behind the deal?
  • Gristwood & Toms (Hertfordshire)
    has been acquired by
    Nurture Group (Surrey)
    June 2024
    UNDISCLOSED
    Who's behind the deal?

Events

All events

Related news


Group Titles

Dorset BIZ NewsHampshire BIZ News
cross