RLS for Working Capital Loan | Help to Secure Working Capital Loan | Recovery Loan Scheme Advice

RLS for working capital loan

RLS for working capital loan 750 400 Lorna Slee

The RLS (Recovery Loan Scheme) backed Government initiative has been running since April 2021 and continues to offer financial support to all types of businesses across the UK. It was set-up to assist companies who have been adversely affected due to COVID-19. The finance available can be utilised for any genuine business purpose and lending facilities are available for business loan, overdrafts, invoice finance and asset finance.

It was announced during the 2021 Autumn Budget that RLS will continue to run until 30th June 2022 and since then there have been some additional changes implemented on 1st January 2022:

  • The scheme is only available to businesses that have a turnover of less than £45m per year
  • The maximum amount of finance available to a business is £2million
  • The government guarantee to lenders has been reduced to 70%

One of the most beneficial aspects of RLS is the ability to use it as a working capital loan. As the driving force for any business, working capital ensures that you have a good level of cashflow to not only successfully operate the business but to also fulfil growth plans. Companies looking to improve their cashflow for any of the following purposes can utilise the RLS:

  • Fulfilling growth plans
  • Covering costs for new equipment and machinery
  • Paying all business expenses
  • Onboarding costs to win new contracts
  • Accessing seasonal cash flow needs

If you are looking to improve your working capital and would like to explore how the RLS can be used 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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