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Recovery Loan Scheme (RLS)

The Government has launched a new 80% Government backed loan scheme for small businesses on 6th April 2021 and the scheme is expected to run until 31st December 2021.

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.

Key Features 

 

  •  Businesses will be able to borrow between £1,000 and £10m 

  •  Interest & fee to be paid by the business from the outset but this cannot exceed 14.99%

  • Loan terms will be up to 6 years.

  • No personal guarantees if facilities is under £250K and none over the Principal Private Residence

 

Businesses will be able to access these loans through a network of accredited lenders but the quickest way is to approach their own banks via their website.

Eligibility:

You can apply for a loan if your business:

  • is based in the UK and is carrying out a trade
  •  has been negatively affected by coronavirus
  • be in a viable business proposition

 

What documents will be needed 

  •  Management accounts
  •  Business plan
  •  Previous years accounts
  • Details of assets 

 

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