Asked by: Tonia Antoniazzi (Labour - Gower)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the criteria are for the Covid Recovery Loan Scheme.
Answered by Paul Scully
The Recovery Loan Scheme (RLS) is delivered by the British Business Bank (BBB) through a network of accredited lenders. The scheme is open to small and medium sized businesses that:
Further information on who is eligible for the scheme can be found on the BBB’s website: https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/for-businesses/.
Decision-making on whether a company is eligible for RLS and whether it is suitable for them is fully delegated to the accredited lenders. Prospective borrowers do not need to use a broker to access the scheme and are able to apply to lenders directly, subject to each lender’s internal processes. Where a company has applied for an RLS facility and been unsuccessful, the lender is responsible for explaining why the company’s application was declined.
Asked by: Tonia Antoniazzi (Labour - Gower)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many Covid Recovery Loans have been refused relating to Swansea since 1 January 2022.
Answered by Paul Scully
The Recovery Loan Scheme (RLS) is delivered by the British Business Bank (BBB) through commercial lenders. The most recent data published on RLS is available at the following link: https://www.british-business-bank.co.uk/press-release/recovery-loan-scheme-offers-over-1bn-to-smaller-businesses/. The BBB does not capture application data on RLS. Lenders are only required to notify the BBB of RLS facilities that have been offered and drawn.
The BBB intends to publish updated data on usage of the scheme in due course.
Asked by: Tonia Antoniazzi (Labour - Gower)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many applications for Covid Recovery Loans have been made in Swansea since 1 January 2022.
Answered by Paul Scully
The Recovery Loan Scheme (RLS) is delivered by the British Business Bank (BBB) through commercial lenders. The most recent data published on RLS is available at the following link: https://www.british-business-bank.co.uk/press-release/recovery-loan-scheme-offers-over-1bn-to-smaller-businesses/. The BBB does not capture application data on RLS. Lenders are only required to notify the BBB of RLS facilities that have been offered and drawn.
The BBB intends to publish updated data on usage of the scheme in due course.
Asked by: Tonia Antoniazzi (Labour - Gower)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many Covid Recovery Loans have been awarded in Swansea since 1 January 2022.
Answered by Paul Scully
The Recovery Loan Scheme (RLS) is delivered by the British Business Bank (BBB) through commercial lenders. The most recent data published on RLS is available at the following link: https://www.british-business-bank.co.uk/press-release/recovery-loan-scheme-offers-over-1bn-to-smaller-businesses/. The BBB does not capture application data on RLS. Lenders are only required to notify the BBB of RLS facilities that have been offered and drawn.
The BBB intends to publish updated data on usage of the scheme in due course.