Here’s what you get
Suitable if you
- Run a private sector business with a turnover of under £45 million
- Carry out at least 50% of your trading activity in the UK
- Have been trading for at least two years
- Can demonstrate a negative impact on your business from Covid-19
- Have a viable business not subject to insolvency proceedings
BENEFITS FOR YOUR BUSINESS
A substantial injection of funds to boost your spending power and mitigate disruption to your cash flow with the opportunity to refinance an existing commercial facility.
Check your eligibility, make your application and receive a decision online. Your loan goes straight into your business account. Benefit from the scheme’s low entry point.
Choose between term loans, overdrafts, invoice and asset finance as well as a range of repayment plans. Open to companies previously using Pay as you Grow.
HOW IT WORKS
Find a Lender
The Recovery Loan Scheme is offered by a number of lending bodies which are accredited by the British Business Bank. A full and regularly updated listing can be found on the British Business Bank website.
Make Your Application
Fill in the simple RLS application form. Decisions on your eligibility are delegated to the accredited lenders, which include high street and challenger banks as well as asset-based and specialist local lenders.
The RLSC has been extended to run until June 2022 with a maximum loan of £2 million per business and £6 million per group. Businesses with a turnover below £45 million may apply.
Subject to eligibility requirements a business may be able to access multiple facilities across different product variants. The maximum borrowing will depend on the assessments of the individual lenders.
RECOVERY LOAN SCHEME HIGHLIGHTS
- Approach a lender directly or act through a broker
- Prepare your business plan, management accounts and details of assets
- Clarify the purpose of the loan and your expectations of growth and return
- Undergo a routine credit check for the business and its directors
- Loans of £250,000 or more require a guarantee, excluding private residences
- Agree terms from 3 months to 6 years, with a maximum interest rate cap of 14.99%