The new Recovery Loan Scheme (RLS) helps give UK businesses ongoing access to finance as they recover from the economic impact of the COVID-19 pandemic. The scheme can be used for any legitimate business purpose, including managing cash flow, investment and growth. It is designed to appeal to businesses that can afford to take out additional debt finance for these purposes.
Finance of up to £10 million per business is available. Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. The annual effective rate of interest is capped, and lenders can’t take personal guarantees for facilities of £250,000 or less.
The scheme is open until the 31st December 2021 and you can apply direct with your business bank provider. For businesses who have already taken a loan via the Bounce Back Loan Scheme (BBLS) the RLS is still available, although the amount already borrowed may limit the amount you may borrow under RLS.
See: https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/
Thursday, 29 July 2021
Recovery Loan Scheme
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