The Recovery Loan Scheme is Closed for Applications
Recovery Loan Scheme
The Recovery Loan Scheme (RLS), launched on 6 April 2021, supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
At Autumn Budget 2021, the government announced that the Scheme would be extended by six months to 30 June 2022, with changes applying to all offers made from the 1 January 2022.
RLS supports a wide range of business finance products, those we offer to our key sectors of print & packaging, engineering, and construction include:
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.
Multiple finance facilities can be utilised by a single business, providing the total amount is under £2m.
Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes.
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The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
The Recovery Loan Scheme (RLS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. For more information visit british-business-bank.co.uk.