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Funding Bay has so far helped raise over £100 million for UK businesses
The government-backed Recovery Loan Scheme was launched to help UK businesses recover and grow from the pandemic. The scheme specifically intends to help businesses achieve growth. The scheme’s unique rates are set to change in the New Year, so now is a great time to act.
The scheme is open to all businesses, including those who have already received financial support from schemes such as CBILS. There is no minimum turnover, no personal guarantee on offers up to 250k, and businesses can access loans up to £10 million
The Recovery Loan Scheme (RLS) was launched to help UK businesses of any size, access loans ranging from £25k- £10 million.
If your business has been impacted by the pandemic, you may be eligible to claim the support scheme. There is no minimum turnover, but you must be a UK trading business who can show that you would be viable if it were not for the pandemic.
Fill in our consultation form for a personal consultation with one of our team to assess your eligibility and to make an application for you.
Up to £10 million is available per business as a term loan, overdraft, invoice finance or asset finance. The amount offered is dependent on your business and the lender.
If you are borrowing £250,000 or less, the lender won’t take any form of personal guarantee.
The government guarantees 80% of the finance to the lender, as the borrow you are 100% liable for the debt.
The term loans vary based on the products. For term loans and asset finance facilities the term length is up to 6 years and for overdrafts and invoice finance facilities is up to 3 years.
If your business has taken any government backed funding, CBILS, BBLS or CLBILS, you are still eligible to apply for the Recovery Loan Scheme.
The amount you can borrow under the RLS scheme will depend on the support you received through CBILS, CLBILS or BBLS scheme.