Recovery Loan Scheme
The Recovery Loan Scheme (RLS) is a new government supported loan scheme. It is designed to provide businesses with finance so they can recover from the impact of the pandemic. The scheme commenced on 6 April 2021.
Businesses need to show that that have been impacted on by the pandemic, that they are trading in the UK and that they are viable businesses.
Loans and overdrafts are available from £25,001 to £10 million and asset finance and invoice finance from £1,000 to £10 million.
The maximum length of loans and overdrafts is 3 years (6 years for asset and invoice finance).
No personal guarantees are required for loans up to £250,000.
Interest rates are capped at a maximum of 14.99% but are expected to be lower.