Recovery Loan Scheme
What is the Recovery Loan Scheme?
The Recovery Loan Scheme (RLS) was launched on 6th April 2021 to help UK businesses access finance as they recover following the Covid-19 pandemic.
The scheme supports businesses affected by coronavirus and can be used for business purposes, such as managing cash flow, investment, and growth.
The Recovery Loan Scheme is currently open to businesses of any size to support them to access loans and other kinds of finance.
The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.
Recovery Loan Scheme – ELS Offers Expert Advice
Why Should I Choose Asset Finance?
Am I eligible for The Recovery Loan Scheme?
You can apply for a recovery loan if your business is trading in the UK and you can show that:
Who cannot apply for The Recovery Loan Scheme?
Businesses from any sector can apply, except:
What Can I Get?
Term Loans
Asset Finance
Payment Term Of Up To 5 Years
No personal or director guarantees required
Changes from 1 January 2022
At Autumn Budget 2021, the Chancellor announced that the Recovery Loan Scheme would be extended until 30 June 2022.
From 1 January 2022, the following changes will come into force:
- The scheme will only be open to small and medium sized enterprises
- The maximum amount of finance available will be £2 million per business
- The guarantee coverage that the government will provide to lenders will be reduced to 70%
These changes will apply to all offers made from 1 January 2022.
More information for businesses about the scheme is also available on the British Business Bank site.
Business Finance and Loan Solutions
We offer a wide range of tailored, specialist financial solutions for businesses and we invite you to speak with a member of our expertly trained team to find the right solution for you.