United Trust Bank (UTB) has announced that it will begin offering Recovery Loan Scheme (RLS) facilities of up to £10m.
RLS facilities will be available through UTB’s development finance, structured property finance, bridging finance and asset finance divisions.
The facilities, offered in partnership with the government working through the British Business Bank, can be used by firms adversely impacted by coronavirus for any purpose, including business investment and working capital.
The scheme aims to improve the loan terms on offer to businesses able to afford more debt and can be issued to borrowers who already have facilities in place from the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), or Bounce Back Loan Scheme (BBLS).
“As the UK continues to emerge from the COVID-19 pandemic, many businesses will be looking to invest, rebuild and take advantage of new opportunities,” UTB chief commercial officer, Mark Stokes, commented.
“UTB is an experienced ‘through the cycle’ lender and we understand the challenges businesses have faced over the last 15 months and that many of them have been seriously impacted through no fault of their own. We are keen to support house builders, developers and SMEs with the funding they need to get themselves back on track.”
Subject to review, the RLS will run until 31 December 2021.
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