Rated EXCELLENT on Trustpilot
Funding Bay has so far helped raise over £100 million for UK businesses
Rated EXCELLENT on Trustpilot
Funding Bay has so far helped raise over £100 million for UK businesses
The new Government backed Recovery Loan Scheme (RLS), launched on 6 April 2021, to support businesses across the UK as they recover and grow from COVID-19 pandemic.
The RLS is open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes.
Businesses of any size can access loans and other kinds of finance of up to £10 million from one of the four facilities –>
Up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders.
For term loans and asset finance facilities: from three months up to six years. For overdrafts and invoice finance facilities: from three months up to three years.
There is no turnover restriction for businesses accessing the scheme.
Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria
No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.
The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.
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