Simply continues to support UK SMEs

Simply Asset Finance is pleased to announce that it has been accredited by the British Business Bank to lend to new and existing customers under the new iteration of Recovery Loan Scheme (RLS).

RLS is run by the British Business Bank and is designed to support access to finance for SMEs across the UK as they look to invest and grow. These loans will help optimise customers’ cashflow as they continue to navigate what is a turbulent economic period. Simply will consider favourable terms for businesses who are eligible to borrow under this scheme.

Simply will begin accepting and processing RLS applications immediately, and applicants can apply via a designated portal on Simply’s website, where they can also review the full criteria of the scheme.

Commenting on Simply’s accreditation for RLS, Simply CEO Mike Randall said: “I am really pleased that Simply has been accredited to continue to lend under this scheme. I believe this is testament to all of the hard work we have done to support businesses across the country since we opened for business. At the height of the pandemic SMEs struggled to get access to lending despite often being multi-generational businesses. Our door remained open and we continued to support these businesses throughout and this is something that I am very proud of.”

“Whilst the threat of the pandemic has thankfully abated, we are aware that there is now an increased focus on rising costs, and levels of inflation. We will continue to be there to support our customers through what is unchartered territory so that they can focus on running their businesses”.

Businesses who have previously taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS. The scheme is available until June 30, 2024.