Recovery Loan Scheme
What is the Recovery Loan Scheme?
The Recovery Loan Scheme (RLS) which is delivered through British Business Bank accredited lenders and partners is designed to support the funding requirements of UK SMEs. Through the RLS businesses can borrow from £25k to £10m to help fund the business cash flow, purchase equipment as well as many other business finance requirements such as replacing overdrafts, invoice finance and asset finance facilities.
Who Can Apply?
Any SME can apply for an RLS. Applicants must be based in, and trading, within the UK with turnover not exceeding £45m per year. Must have been affected by the pandemic.
- Facilities from £25k to £10m
- Any purpose loans
- No personal director guarantees under £250k
- Only 20% personal guarantee required on lends above £250k. I.e. a £300k lend would require a £10k guarantee.
- Unlike CBILS fees are applied to RLS but are all included in the monthly repayments so nothing to pay upfront.
- Payments will begin 1 month after the RLS is paid out with no payment breaks.