The Recovery Loan Scheme (RLS) is a government-backed loan scheme designed to support access to finance for UK businesses as they look to invest and grow. It launched on April 6, 2021, and provides up to £10 million in loans to businesses of all sizes, even those that have previously received COVID-19 assistance.
The RLS offers a variety of financing options, including term loans, invoice finance, asset finance, and overdraft facilities. The loans are backed by a government guarantee, which means that lenders are less likely to lose money if a business defaults on its loan payments. This makes it easier for businesses to access finance, even if they have a poor credit history.
The RLS is designed to help businesses rebuild, grow, and overcome the challenges posed by the pandemic. By providing affordable and accessible financing options, the RLS aims to help businesses thrive in the years to come.
Here are some of the key features of the RLS:
- Loan amounts: Up to £10 million
- Loan terms: Up to 10 years
- Interest rates: Competitive
- Government guarantee: 70%
- Eligibility: Businesses of all sizes, even those that have previously received COVID-19 assistance,
The RLS is a valuable resource for businesses that are looking to access finance to support their recovery from the pandemic. If you are a business owner, I encourage you to learn more about the RLS and to consider applying for a loan.
