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Scottish Parliament Written Question
S6W-26171
Monday 29th April 2024

Asked by: Hamilton, Rachael (Scottish Conservative and Unionist Party - Ettrick, Roxburgh and Berwickshire)

Question

To ask the Scottish Government whether it will consider expanding the Self-Build Loan Fund to all applicants in rural areas, other than just those who are unable to access standard bank lending, to help increase the number of homes that are available in non-urban settings.

Answered by McLennan, Paul - Minister for Housing

The Self-Build Loan Fund (“the Fund”) offers short-term loan funding of up to £175,000 to self-builders who are unable to access standard bank lending, to assist with development costs to support build completion. The Fund is not intended to replace market lending and provides short-term loan funding to borrowers who have exhausted finding alternative market options. The focus is on supporting projects with the necessary consents in place to allow work to commence quickly, and already delivers genuinely additional new homes primarily but not exclusively in rural areas.

Written Question
Recovery Loan Scheme
Thursday 15th February 2024

Asked by: Lord Kamall (Conservative - Life peer)

Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by Lord Johnson of Lainston on 1 February (HL1695), what assessment they have made of the impact of not renewing the Recovery Loan Scheme on small businesses in deprived areas who have received loans from Community Development Financial Institutions after being turned down for loans from high street banks.

Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)

Lenders are currently offering over £100 million of additional lending per month through the British Business Bank’s Recovery Loan Scheme (RLS), with 85 per cent of facilities going to small and micro businesses. RLS is particularly effective at serving alternative and social lenders, with more than three quarters of lending delivered through smaller lenders, including Community Development Financial Institutions (CDFI). Since launch, RLS has enabled almost £50 million of CDFI lending: over 90% of the businesses which borrowed from CDFIs in 2023 had been turned down by another lender, and half were based in the UK’s most disadvantaged areas.

Written Question
Recovery Loan Scheme
Thursday 15th February 2024

Asked by: Lord Kamall (Conservative - Life peer)

Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by Lord Johnson of Lainston on 1 February (HL1695), what assessment they have made of the impact of not renewing the Recovery Loan Scheme on small businesses in deprived areas who have previously been turned down for loans by high street banks.

Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)

Lenders are currently offering over £100 million of additional lending per month through the British Business Bank’s Recovery Loan Scheme (RLS), with 85 per cent of facilities going to small and micro businesses. RLS is particularly effective at serving alternative and social lenders, with more than three quarters of lending delivered through smaller lenders, including Community Development Financial Institutions (CDFI). Since launch, RLS has enabled almost £50 million of CDFI lending: over 90% of the businesses which borrowed from CDFIs in 2023 had been turned down by another lender, and half were based in the UK’s most disadvantaged areas.

Select Committee
Correspondence from Louis Taylor, Chief Executive, British Business Bank, re Fiftieth Report of Session 2021-22, Department for Business, Energy & Industrial Strategy, Bounce Back Loans Scheme: Follow-up, dated 30 November 2023

Correspondence Dec. 11 2023

Committee: Public Accounts Committee

Found: to over 67,000 SMEs through over 40 alternative lenders, including challenger banks, asset finance,

Select Committee
Banking Competition Remedies Ltd
 SMEF0014 - SME Finance

Written Evidence Nov. 09 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: BCR was established to execute the Alternative Remedies Package (ARP), the initiative devised following

Select Committee
Swishfund Ltd
 SMEF0009 - SME Finance

Written Evidence Nov. 09 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: Open Banking is relied on heavily by the alternative lending industry, to assess the risk of SME

Select Committee
Innovate Finance
 SMEF0059 - SME Finance

Written Evidence Nov. 09 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: These include Challenger Banks and Alternative Lenders, all of whom have a common purpose to deliver

Select Committee
Mercia Asset Management
 SMEF0055 - SME Finance

Written Evidence Nov. 09 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: Alternative business funding: This category is broad, embracing online lenders as detailed above as

Select Committee
Sonovate
 SMEF0060 - SME Finance

Written Evidence Nov. 09 2023

Committee: Treasury Committee (Department: HM Treasury)

Found: say that banks do not understand their business needs, and more than half (54%) agree that banks’ lending

Petitions
Buy now, pay later products - Fri 02 Feb 2024
No Department present

Mentions:
1: None It represents a popular alternative to traditional, interest-bearing forms of credit like credit cards - Speech Link