Starling accredited as lender for Covid recovery loans

Starling has been accredited by the British Business Bank as a lender under the government-backed Recovery Loan Scheme (RLS.)

The scheme is the successor to the Coronavirus Business Interruption Loan Scheme.

Starling will now be able to dish out term loans between £25,001 and £250,000 to small and medium-sized businesses impacted by the pandemic.

The digital bank’s loans will be protected by an 80 per cent government guarantee.

Starling said that interest will be priced according to business circumstances and businesses will be required to meet the costs of interest payments themselves from the start of the loan.

Business owners can apply for a Starling RLS term loan, if they meet all of the following criteria:

• Limited Company or Limited Liability Partnership
• Trading for 24 months or more
• Have a good credit history with no arrears or defaults
• Pass Starling’s affordability checks

Starling loans are now available from three months to six years and customers will pay a one-off 4 per cent loan arrangement fee.

“Business owners have worked hard to survive and, in some cases, grow, against an extremely difficult, unusual and uncertain economic backdrop,” said Helen Bierton, Starling Bank’s chief banking officer. “As the economy starts to rebound, many will need additional help to support their recovery, savings and growth. Starling will be here with RLS lending to help with that. We’re delighted to be working with the British Business Bank as an RLS lender.”

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