RLS (Recovery Business Loan Scheme)
Money wow provides access to the Government Business Recovery Loan Scheme this offers loan assistance for UK businesses that have been affected by the Coronavirus Covid-19 Pandemic.
Money wow provides access to the Government Business Recovery Loan Scheme this offers loan assistance for UK businesses that have been affected by the Coronavirus Covid-19 Pandemic.
The Business Recovery Loan Scheme
Allows businesses of small or large to continue to access loans and other kinds of finance up to £10 million per business, providing support to businesses as they recover and grow following the disruption of the pandemic and the end of the transition period.
When received, the loan can be used for any business purpose, including growth and investment.
The government will still guarantee 80% of the finance to the lender to ensure they continue to have the confidence to lend to businesses.
The scheme launched on 6 April and is open until 31 December.
No turnover restriction for accessing the scheme.
Personal guarantees are not permitted for facilities of £250,000 or less. Above £250,000 the maximum amount that can be covered under RLS is capped at a maximum of 20% of the outstanding balance of the RLS facility after the proceeds of business assets have been applied.
No personal guarantees can be held over Principal Private Residences. The scheme gives the lender a government-backed guarantee against the outstanding balance of the facility.
Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme
Your business must be UK-Based to qualify for the RLS.
Has your business been affected by the coronavirus pandemic.
The RLS Loan must be used for business purposes only.
Your business must have at least 2 years trading history.
Is not in collective insolvency proceedings
Your business must be trading activity in the the UK Only.
Government guarantees 80% of the loan to ensure they continue to have the confidence to lend to businesses.
Will be taken on loans up to £250,000, and a borrower’s private home cannot be taken as security.
No minimum annual turnover requirement is needed for the recovery loan.
Can be up to six years for term loans and asset finance, overdrafts and invoice finance terms will be up to three years.
No minimum trading history is required.
Interest rates start from 3.9% p.a subject to full credit approval.
We are a comparison site but its always nice to speak to one of our expert advisors with any questions you may have. There always on hand to give you the best possible advice when it comes to finance.
Call: 01908 915 719
Email: info@moneywow.co.uk
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We look forward to getting you back up and running successfully.
One of our advisors will be in contact with you to further discuss your application within the hour.