The Recovery Loan Scheme (RLS) is the latest Government-backed business initiative to help any business that has been impacted by COVID-19. It has a diverse range of uses which includes purchasing assets, boosting cashflow, managing investments and facilitating growth.
As with any new Government lending scheme there have been lots of questions raised and here are some of the most common ones, along with the relevant answers:
Who is the scheme for?
RLS has been designed for any business that has been affected by the coronavirus pandemic and is looking for some funding. There are no restrictions on the minimum annual turnover of a business looking to apply.
How much can be borrowed?
The Recovery Loan Scheme has been developed to allow loans from £25,000 up to £10 million.
Can I apply even if I previously had a CBILS or Bounce Back loan?
Any business that has previously received a CBILS or a Bounce Back loan can still apply for funding through RLS. It is open to any business that meets the eligibility criteria, no matter what funding they have previously received.
Do I need a personal guarantee?
For any loan up to the value of £250,000 then no personal guarantees are required. If a larger sum is required then a personal guarantee will be required.
If you would like to find out a little more or would like to discuss an application please call us on 01993 706403 or e-mail firstname.lastname@example.org.