Compass Business Finance accredited for the recovery loan scheme

The British Business Bank (BBB) has accredited Compass Business Finance for the recovery loan scheme (RLS).

Under the scheme the lender will offer loans of £25,001 to £10m for individual businesses and £30m for groups, across terms of up to six years and asset finance for new and used machinery and other assets, with funding from £1,000.

Compass Business Finance said decisions for asset finance RLS loans are usually given within 48 hours from submitting all of the required information.

With the term loans, once a borrower receives an offer of finance, they have up to six months to take up the facility if desired.

Compass was previously an accredited lender under the coronavirus business interruption loan scheme, which closed for applications at the end of March and was replaced by the RLS on 6 April.

Read more: Third of SME owners became personal guarantors in 2020

The scheme, which can be used for any legitimate business reason, will run until the end of the year, subject to a review.

Over recent weeks the BBB has accredited : Tower Leasing, Starling Bank, CG Business Finance, Funding Circle, BCRS Business Loans, Close Brothers, Investec, Cynergy Bank, Atom, Metro Bank, Enterprise Answers, ART Business Loans and United Trust Bank to the RLS.

There are now 37 accredited lenders listed on the state development bank’s website for the scheme.

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