"Extending our product suite to include RLS loans will enable us to help more small businesses realise their potential at this crucial time in the UK’s economic recovery."
SME lender Merchant Money has received accreditation for the Recovery Loan Scheme, together with a new £150 million funding line from a UK clearing bank and Shawbrook.
The funding will help deliver additional financial support and liquidity to SMEs.
The Recovery Loan Scheme, administered by the British Business Bank, is offered alongside Merchant Money’s existing suite of products.
Luke Jooste, CEO of Merchant Money, said: “We are extremely proud to have secured such a significant funding line from our partners and to have been accredited as a Recovery Loan Scheme lender by the British Business Bank. It is testimony to our team which supports UK businesses and is perfectly timed as we and UK businesses continue to deal with extremely challenging market conditions.
“Extending our product suite to include RLS loans will enable us to help more small businesses realise their potential at this crucial time in the UK’s economic recovery. Small businesses are the backbone of the economy, and with a majority of our customers requiring repeat funding, continued access to finance is more important than ever.”
Danny Girnun, managing director of Merchant Money, added: “The loan size and flexibility associated with RLS will be welcomed by businesses looking to grow organically or through acquisition. Our RLS accreditation also allows us to support small property developers who have been impacted by the pandemic and to help them navigate the well-publicised labour and material shortages in the industry. We’ve helped countless businesses of all sizes and in all sectors, and today’s announcements mean we can continue to support many more.”
Ismail Farhat, director of Shawbrook Bank, commented: “Increased funding availability for the UK’s small businesses is crucial in reviving our economy following such a turbulent couple of years. We are proud to fund Merchant Money as they facilitate growth amongst our country’s small businesses.”