Government-backed debt finance to support UK business as they grow and recover from the disruption of Covid-19.
The Recovery Loan Scheme (RLS) provides up to £2m debt finance for qualifying businesses which may be used for any legitimate business purpose, including growth and investment. It supersedes BBLS, CBILS and CLBILS which closed at the end of March.
Term loans & asset finance are available up to £2m for terms up to 6 years. Invoice finance is available up to £2m for terms up to 3 years.
No personal guarantees will be taken on facilities up to £250k, and a borrower’s principal private residence cannot be taken as security.
The Government guarantees 80% of the finance to the lender to ensure they continue to have the confidence to lend to businesses.
The scheme is open to 30th June 200, subject to review. Loans are available through a network of accredited lenders.
Apply for Recovery Loan Scheme funding
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Information Required
- Business details, summary & website URL
- 3 years full accounts
- Most recent management information
- Forecast P&L, balance sheet and cashflow for the term period, with assumptions
- 6 months bank statements
- Existing debt & overdraft use
- Director assets & liabilities statements
- Funding required
- Summary of proposed use of funds