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Recovery Loan Scheme – open for applications

Recovery Loan Scheme – open for applications

Tuesday, 08 June 2021

As part of March’s Budget announcement, Rishi Sunak announced a new business loan scheme called the Recovery Loan Scheme. This replaced the Bounce Back Loans and CBILS loans. The new Recovery Loan Scheme is now open for applications.

How to apply

To apply for a loan under the Recovery Loan Scheme (RLS), you need to approach one of the accredited lenders. A list of these can be found here and ideally this should be done via the lender’s website. Not every accredited lender is providing every type of finance available under RLS, and the amount of finance offered will vary between lenders. You can view what each lender is offering via their websites.

Who’s eligible?

To be eligible for a loan, your business needs to be trading in the UK and must demonstrate that it meets the following criteria:

  • Is viable or would be viable were it not for the pandemic.
  • Has been impacted by the coronavirus pandemic.
  • Is not in collective insolvency proceedings.

Finance available

The following types of finance will be available:

  • Loans will be available between £25,001 and £10 million with terms of up to 6 years.
  • Overdrafts will also be available between £25,001 and £10 million but terms will be up to 3 years.
  • Invoice and asset financing will be available between £1,000 and £10 million per business, with terms of up to 6 years for asset financing and up to 3 years for invoice financing.

More details on the Recovery Loan Scheme can be found here

Need help?

If you have any questions on the Recovery Loan Scheme, please get in touch with your usual contact. You can find contact details on the Our People section of the website. Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk

James Caley

 

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