RLS Coming To An End | Last Minute RLS Application | Recovery Loan Scheme

RLS coming to an end

RLS coming to an end 750 400 Lorna Slee

The last Government backed funding initiative which was brought in to aid the recovery of businesses during COVID-19 will be coming to an end on 30th June 2022.

The Recovery Loan Scheme (RLS) was created to support businesses of any size, who have been affected by the pandemic and need some financial help either through business loans or finance. The RLS enables businesses to access up to £10 million in funding with the government guaranteeing 80% of the finance to the lender.

Any business that is trading in the UK can still apply for the funding. You simply need to demonstrate how you have been affected by COVID. Also, even if you have had help through previous government backed schemes, you can still apply for an RLS. A business can apply for a loan or overdraft from £25,000 up to £10 million. Alternatively, they can apply for invoice or asset finance from £1,000 up to £10 million.

Terms of any funding can be relatively flexible and no personal guarantee is required for any funding secured up to the value of £250,000.

Although there is still a little time left to complete an application, lenders are predicting their allocation of funding to be used up very soon and are recommending requests are submitted by the end of May. They are also very keen to complete the process quickly to ensure the relevant cash can be drawn down as soon as the approval has been given.

If you would like to find out more or are interested in making an RLS application, then our team would be delighted to help. Please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.

We can provide you with tailored business finance solutions.

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