The corporate financing provider Merchant Money is set to lend small and medium-sized enterprises (SMEs) a minimum of £150 million through the recovery loan scheme (RLS).

Merchant Money has received the necessary accreditation to provide cash via this scheme, and it will be able to access a funding line of more than £150 million from Shawbrook Bank and another unnamed bank based in the UK. The company has stated that these RLS loans will be made available to UK SMEs in addition to its standard loans targeted towards that customer base.

Speaking to Peer2Peer Finance News, its chief executive Luke Jooste stated that the lender was very happy to be teaming up with the banks to provide the loans and to have earned the required accreditation. He then went on to add that:

“Extending our product suite to include RLS loans will enable us to help more small businesses realise their potential at this crucial time in the UK’s economic recovery.”

Accountants in Goole and other areas of the UK can also be important to small businesses in the current climate, by helping them reduce outgoings and restructure for the future.

Jooste concluded by pointing out just how central smaller firms are to the economic health of the country and that ensuring they are able to get the financing they need was essential.

Merchant Money managing director Danny Gimun added that the flexibility and size of the loans available through the RLS would help SMEs whether they had acquisition-based or organic expansion plans.