SWIG Finance has been accredited by the British Business Bank to lend under the new iteration of the Recovery Loan Scheme (RLS).
Following accreditation, SWIG Finance is now accepting and processing applications for loans of up £250k for SMEs based in the South West.
New and existing customers are welcome to apply via SWIG Finance’s dedicated webpage.
The Scheme has been designed to support access to finance for UK small businesses as they look to invest and grow.
The new iteration of the Recovery Loan Scheme (RLS) launched in August 2022.
Unlike with the previous phases of the scheme, for most borrowers, there is no requirement to confirm they have been affected by Covid-19. However, for charities and Further Education colleges, confirmation of Covid-19 impact will still be required in some instances.
The scheme provides accredited lenders with a 70% government-backed guarantee against the outstanding balance of a defaulted loan after normal recovery processes have been completed. This means we can lend to businesses where there is no tangible security available. Please note that personal guarantees are usually required, and that the borrower always remains 100% liable for the debt.
Full details of the eligibility criteria and scheme features can also be accessed on SWIG Finance’s website.
For us to assess your application, we will require the following:
- Last 2 sets of full annual accounts, including detailed Profit & Loss Accounts
- Management accounts for the period since most recent year-end to date
- Cashflow forecast for a minimum of 18 months, identifying the requirement
- Last 6 months business bank statements
- Credit Report for all directors
- Business plan / executive summary overview
- Details of number of jobs safeguarded and potentially created
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930.
For more information, please visit www.swigfinance.co.uk
About SWIG Finance
SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.
We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. For more information visit https://www.swigfinance.co.uk/social-impact-report-2022/
Legal Notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit https://www.british-business-bank.co.uk/finance-hub/recovery-loan-scheme/
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