Atom Bank Accredited to the New Iteration of the Recovery Loan Scheme
Atom bank, the UK’s first app-based bank, has been accredited to the latest iteration of the Recovery Loan Scheme (RLS) by the British Business Bank, and will soon be accepting applications on its award-winning secured lending products. RLS will give UK businesses access to finance as they look to invest and grow, with funding that can be used for managing cash flow, investment, and growth. Through RLS, Atom will offer secured loans from £250,000 up to £2m, via its network of 200+ independent brokers across the UK.
Atom recently concluded a record-breaking year for business lending, growing its book to over £1bn (up 45% since FY21) and in doing so, delivered its 1,000th secured loan to an SME customer. The latest accreditation comes following Atom’s initial participation in RLS, in which Atom received in excess of £550m of applications. In addition to a +61 broker Net Promoter Score (NPS), Atom has also achieved an unparalleled customer NPS of +88 during the Covid-19 period. This means that 90% of the customers who completed the NPS survey scored their experience when taking out a CBILS/RLS loan with Atom either 9 or 10 out of 10. This is the highest NPS Atom has received for any product since it launched in 2016.
Atom’s accreditation to the latest iteration of RLS comes after the bank voluntarily committed to the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers last month. Registration with the LSB further confirms Atom’s commitment — beyond its regulatory obligations — to treating customers fairly and providing responsible lending outcomes throughout the product life cycle.
Chris Storey, commercial director at Atom bank commented, “We are delighted to have been accredited by the British Business Bank so we can continue lending under the RLS. We will be accepting new customers on the scheme soon, so we urge businesses and brokers to get their applications ready now.
“Atom has always been fiercely passionate about supporting small businesses and helping them achieve their potential through fair and responsible lending. Having played an important part of both the CBILS and then RLS scheme for UK businesses, offering new-to-bank and existing customers access to much-needed capital, we look forward to welcoming new customers and supporting our rapidly growing group of existing customers with secured RLS loans. We move into the latest iteration of RLS as a Registered Firm with the Lending Standards Board. This is the latest commitment we have made beyond our regulatory obligations to driving fair outcomes for SMEs and always placing the customer at the heart of everything we do.”
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