Praetura Group company Kingsway Finance has been accredited as a new lender for the Recovery Loan Scheme (RLS) by the British Business Bank.

Delivered through British Business Bank accredited lenders, RLS is designed to support the continued provision of finance to UK smaller businesses (SMEs) as they recover and grow following the Covid-19 pandemic. RLS funds can be used for any legitimate business purpose including managing cashflow, investment and growth, and is designed for businesses that can afford to take out additional finance for these purposes.

Kingsway Finance, a member of Praetura Group’s Lending Division alongside Praetura Asset Finance, Praetura Invoice Finance and Praetura Commercial Finance, will be offering RLS term loan funding from £25,001 to £250,000 over two to five years, with no personal guarantees required.

Peadar O Reilly, chief executive officer of Praetura Asset Finance Group, said: “Following on from the success of the number of SMEs Kingsway’s CBILS funding facilities were able to assist, it is important that we keep striving to offer businesses access to the most suitable funding for their specific circumstances. Through our accreditation to the Recovery Loan Scheme, the Praetura Asset Finance Group is once again able to enhance the range of funding facilities in the group’s portfolio for small and medium-sized businesses”.

Applications for the new Recovery Loan Scheme facilities will be opened to both new and existing SME customers of Kingsway Finance via referrals from a select panel of approved broker and intermediary partners.

A key aim of the Recovery Loan Scheme is to improve the terms on offer to SMEs, but if a lender can offer the choice of a commercial loan on better terms, without requiring the guarantee provided by RLS, they should do so.

Mike Day, sales director at Kingsway Finance, said: “At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market. Now as an accredited non-bank lender under the government backed RLS initiative, we look forward to providing qualifying businesses with the much-needed support they require to recover, strengthen, develop and diversify, via our panel of selected intermediaries”.