Recovery Loan Scheme

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Post pandemic, things are now looking great and UK Government has launched the Recovery Loan Scheme (RLS) is a scheme that has been launched on 6 April 2021 to benefit UK businesses with an easy access to finance so that they can get back on track post Covid-19 pandemic. The scheme aims to help all size businesses affected by coronavirus and can be used for legitimate business purposes, such as managing cash flow, investment and growth.

You can access facilities like Term loan, Overdraft, Invoice finance and Asset finance through this scheme. As a borrower you are 100% liable for the entire loan amount even though it is a government-backed scheme. The main aim of the scheme is to improve the terms on offer to businesses

Overview

  • Loans from £25001 to £350000
  • Term up to 6 years
  • Rate starting from 8.6% to 14.99% p.a
  • Options with Early Settlement

Eligibility Criteria

  • Business must be impacted by Corona virus
  • Must be registered as a limited company or limited liability partnership
  • Minimum 2 years of trading
  • Business must be trading in the UK

Documents

  • 6 months of business bank statements
  • Filed accounts from 2019