merchant money

Merchant Money secures £150m funding line and RLS accreditation

Merchant Money has secured a new £150m funding line and been accredited as a lender under the Recovery Loan Scheme (RLS).

The new funding, provided by a UK clearing bank and Shawbrook Bank, will allow the lender to offer additional financial support and liquidity via its existing product suite and RLS loans to SMEs that need help to navigate the pandemic.

Luke Jooste, CEO at Merchant Money, said: “We are extremely proud to have secured such a significant funding line from our partners and to have been accredited as a RLS lender by the British Business Bank. 

“It is testimony to our team, which supports UK businesses and is perfectly timed as we and UK businesses continue to deal with extremely challenging market conditions.

“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. 

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

Danny Girnun, managing director at Merchant Money (pictured above), added: “The loan size and flexibility associated with RLS will be welcomed by businesses looking to grow organically or through acquisition. 

“Our RLS accreditation also allows us to support small property developers who have been impacted by the pandemic and to help them navigate the well-publicised labour and material shortages in the industry. 

“We’ve helped countless businesses of all sizes and in all sectors, and today’s announcements mean we can continue to support many more.” 

Ismail Farhat, director at Shawbrook Bank, commented: “Increased funding availability for the UK’s small businesses is crucial in reviving our economy following such a turbulent couple of years. 

“We are proud to fund Merchant Money as they facilitate growth among our country’s small businesses.”

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