MarketFinance was accredited to provide business finance through the Government's Recovery Loan Scheme. We are now no longer accepting new applications. Under the scheme, customers were able to apply for a business recovery loan of between £50,000 and £350,000.
The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic. Please note that we are no longer accepting new applications under the scheme.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cash flow, investment and growth. It’s designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.
At the 2021 Autumn Budget, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022. Changes will apply to all offers made from 1 January 2022.
Under the Recovery Loan Scheme (RLS) at MarketFinance, you could get...
Between £50,000 and £350,000
Repayable over 4, 5 and 6 year terms
6 months' interest-only payments
An arrangement fee capped at 4%
Rates at 8.49% to 10.59%
No personal guarantee up to £250,000
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cash flow and a list of independent advice services.
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.
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