Recovery Loan Scheme (RLS)

 

Asset finance and loan solutions to support the recovery of businesses following the pandemic.

Request a call back

    Government-Backed Business Finance

    Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to UK businesses as they recover and grow following the pandemic. Businesses that have taken out a Bounce Back Loan or CBILS are able to access this new scheme.

    RLS Asset Finance 

    • Finance assets from £1,000 – £10million
    • 2 to 6 years terms available
    • No personal guarantees up to £250k
    • Finance Lease and Hire Purchase
    • Minimum time trading 2+ years

    RLS Loans 

    • Loans from £25,001 – £10million
    • 2 to 6 year terms available
    • No personal guarantees up to £250k
    • No early settlement fees
    • Minimum time trading 2+ years

    The RLS scheme will run from 6th April 2021 until 31st December 2021, subject to review.

    What is the Recovery Loan Scheme?

    Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.

    You can apply to the scheme if Covid-19 has affected your business. You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, you must be able to afford to take out additional debt finance for these purposes.

    If your business has already borrowed from any of the other coronavirus loan schemes – namely; the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS), RLS is still open to you, although the amount you have borrowed under previous schemes may limit the amount you may borrow under RLS.

    *Information sourced from the British Business Bank website. For further information on the scheme and to access their useful FAQ section, please visit their website here.

    Am I Eligible?

    To be eligible for RLS your business must:

    • have been impacted by Covid-19 – you will need to confirm to the lender that you have been impacted by the coronavirus pandemic
    • generate more than 50% of its turnover from trading activity in the UK
    • have a viable business proposition

    Credit and fraud checks – Lenders will be required to undertake standard credit, fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks for all applicants.

    Unlike the previous schemes, there is no turnover restriction for businesses accessing RLS.

    Guarantee to the Lender: The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.

    *Information sourced from the British Business Bank website. For further information on the scheme and to access their useful FAQ section, please visit their website https://www.british-business-bank.co.uk

    What if I already have a bounce-back loan (BBLS) or CBILS?

    Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, although the amount they have borrowed under an existing scheme may in certain circumstances limit the amount they may borrow under RLS.

    Businesswoman wearing a grey suit, arms crossed and smiling into the camera

    Providing financial help & stability for UK businesses during the COVID19 pandemic. Our quick, competitive and professional finance solutions can help, speak to our friendly team on 01420 481 500.

    Other Products & Services