Recovery Loan Scheme Deadline

With less than a month until the Recovery Loan Scheme (RLS) closes to new applications, it’s important for businesses to consider whether this is an option that they could benefit from.

RLS is a scheme run by the British Business Bank, designed to support access to finance for UK businesses as they recover and grow following the Covid-19 pandemic. If you’re considering making an investment or purchase before the end of the year, RLS could improve the terms you have access to, whilst also providing you with a better chance of securing the finance you need.

RLS supports a range of business finance products, including:

Term Loans of £25,001 to £2m for individual businesses and £6m for groups, across terms of up to 6 years. Decisions are usually given c.48 hours from submitting all of the required information.

Asset Finance for new and used machinery and other assets, with funding from £1,000 over (up to) 6 years. Once you receive an offer of finance, you have up to 6-months to take the facility up, if you wish to.

The Scheme aims to improve the funding terms on offer to businesses, however, if we can offer you a commercial loan on better terms, without requiring the guarantee provided by the RLS, we will.

Applications must be received before 30th June 2022.

For more information visit our RLS Pages or call 01732 833477.

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Compass is an independent finance company with an innovative and relational approach to the market.

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