Home Jersey finance news Merchant Money secures £150m funding line boost by joining RLS

Merchant Money secures £150m funding line boost by joining RLS

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The funding line of over £150m was provided by Shawbrook Bank and a UK clearing bank.

Image source: Merchant Money staff/Merchant Money

Merchant Money, an SME lender, has secured accreditation with the government’s Recovery Loan Scheme (RLS) as well as a funding line of over £150m.

Merchant Money offers short-term loans to small businesses, as well as a merchant cash advance product.

The more than £150m funding line was provided by Shawbrook Bank and a UK clearing bank, which was not named by Merchant Money for confidentiality reasons.

Its addition to the list of lenders operating under the RLS scheme follows its accreditation to the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

The RLS is one of many government-backed measures to help businesses affected by Covid.

Launched in April, it offers loans of £25,000 to £10million to UK businesses as they recover from the pandemic.

Originally scheduled to end in December this year, the program was recently extended until June 2022.

It joins dozens of other banks of varying sizes lending under the program, including Funding Circle, HSBC, NatWest and Shawbrook Bank.

Merchant Money said, “The funding announcement provides significant additional financial support and liquidity to SMBs looking to navigate the pandemic and build a strong long-term foundation for their business.”

Luke Jooste, CEO of merchant money, said: “Expanding our product range to include RLS loans will allow us to help more small businesses realize their potential at this crucial time in the UK’s economic recovery.

“Small businesses are the backbone of the economy, and with a majority of our customers requiring recurring financing, continued access to financing is more important than ever.”

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