Recovery Loan Scheme

Recovery Loan Scheme – How to apply

The Recovery Loan Scheme (RLS), launched on 6th April 2021, comes to an end on 30th June 2022. With the deadline now fast approaching, and the application process taking some time to set up, it is imperative that anyone wishing to apply for this funding does so as soon as possible.

The scheme provides financial support to businesses affected by the pandemic, helping them to recover and grow. You can use the finance for any legitimate business purpose.

You can apply for a RLS loan even if you have had a Bounce Back or Coronavirus Business Interruption Loan.

To be eligible your business must:

  • Have been adversely impacted by the pandemic
  • Be carrying out trading activity in the UK
  • Be able to show that it is viable

The scheme is open to small and medium sized businesses with a turnover not exceeding £45 million per annum.

There is a maximum of £2 million available per business and £6 million per group.

The government provides lenders with a guarantee of 70%

Interest rates and any fees associated with the loan will vary according to the lender.

The RLS is available through the British Business Banks accredited lenders, you can find a full list of accredited lenders on their website and more information about the scheme.

Disclaimer: The information in this article is provided for general information only and does not constitute legal or professional advice. We cannot accept responsibility or liability for any actions you may take, or not take, based on this information.