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4th March 2024

Momenta Announces Participation in latest phase of RLS

Momenta Finance, formerly Merchant Money, is happy to announce its participation in the latest phase of the Government’s Recovery Loan Scheme (RLS), a move that underlines our commitment to providing essential financial support to small to medium sized businesses (SMEs) across the UK. Accredited by the British Business Bank, Momenta Finance will offer business loans ranging from £50,000 – £250,000 unsecured and up to £750,000 secured.



UPDATE

Momenta Finance is proud to announce its participation in the newly unveiled Growth Guarantee Scheme. The scheme is an extension and rebrand of the Recovery Loan Scheme, as announced by the Chancellor in the 2024 Spring Budget. This initiative, managed by the British Business Bank, is designed to provide crucial support to the UK’s small and medium-sized enterprises (SMEs).The Growth Guarantee Scheme aims to facilitate increased access to finance for smaller businesses by offering a 70% government-backed guarantee to participating lenders on loans up to £2m. This move is expected to support approximately 11,000 businesses from 1 July 2024 to 31 March 2026.

Under RLS, businesses meeting specific criteria, including a turnover of up to £350,000, a minimum of three years’ trading experience in the UK, limited company status and a commitment to using the loan for business purposes such as working capital or investments, will be eligible to apply. Importantly, applicants should not be facing financial difficulty or be involved in ongoing collective insolvency proceedings.

Momenta Finance’s CEO, Luke Jooste, stated: “We are committed to providing businesses with the financial resources they need to thrive. We will explore every avenue to offer favourable terms to our valued clients.”

In addition to Momenta Finance’s commitment to favourable terms and access to essential funding, the BBB expressed its support for the expanded RLS offering through Momenta Finance.

Amanda Hardy, Head of Capital Markets at Momenta Finance, played a pivotal role in securing the accreditation and funding line required for the scheme. She shared her insights, saying: “Securing our participation in the Recovery Loan Scheme was a significant achievement. We believe in the strength of UK businesses and are excited to be in a position to provide them with the financial support they need to grow and manage working capital going into the new year.”

Momenta Finance is now accepting applications for the Recovery Loan Scheme. Businesses that previously obtained a Coronavirus Business Interruption Loan Schemes (CBILS), Bounce Back Loan (BBLS), or RLS facility before June 30, 2022, are not restricted from accessing the latest version of the scheme. However, the maximum borrowing amount may be subject to certain adjustments.

RLS from Momenta Finance

Loan AmountUp to £250,000 unsecured
Up to £750,000 secured*
Loan TermUp to 60 months
SecurityLegal property charge
Personal GuaranteeYes
Over or early repayment:No early repayment charges after 12 months.

Business Finance Support

The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme