WHAT IS THE RECOVERY LOAN SCHEME (RLS)?
There’s no denying that 2020 was tough but things are looking up in 2021. Previous government schemes like CBILS helped UK SMEs with business finance to weather COVID-19 disruptions. Now, the government Recovery Loan Scheme (RLS) has been launched to accelerate post-pandemic recovery and drive your business forward long into the future. The good news is that even if you already have a CBILS facility, you can still apply for additional funding through RLS.
The government keeps fees low and backs 80% of all recovery loans. That means easy, affordable access to working capital so your business can invest in growth, fund a pivot or bridge a cash flow shortfall.
The Recovery Loan Scheme will run until 31 December 2021, subject to review.
WHAT TYPES OF BUSINESSES ARE ELIGIBLE?
Under the scheme, you’ll need to…
- Be a UK registered limited company
- Be carrying out trading activity in the UK
- Undertake credit and fraud checks
- Have been impacted by COVID-19
Unfortunately there are some businesses that aren’t eligible to apply for funding through RLS. These are:
Banks, building societies, insurers and reinsurers (excluding insurance brokers). Public sector bodies. State funded primary and secondary schools
WHAT'S THE DIFFERENCE BETWEEN CBILS AND RECOVERY LOANS?
Over the past year, we’ve been thrilled to support so many amazing small businesses through CBILS. We’re hoping to be able to do the same thing through RLS and are currently working with the British Business Bank to get accreditation. This article lays out the the main differences between CBILS and Recovery Loans
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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.
While you're here
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