There is great optimism across the business landscape and hope that the next 12-months will continue to see growth across all sectors. Recently businesses operating in the retail, hospitality and leisure sectors have seen the re-opening of facilities and are welcoming customers back. This will have a positive ripple effect on the economy and many businesses are now thinking ahead and looking to plan for future growth.
With the announcement of the Government’s Recovery Loan Scheme (RLS) businesses are in a great position to boost their cashflow needs. RLS has been introduced to replace the CBIL/BBL schemes and comes with the following key features:
- Loan facilities available up to £10 million
- Deals available up to 6-years
- Diverse funding, can be used for any business purpose
- Scheme can be used for loans, overdrafts, invoice finance and asset finance
- No personal guarantees for finance up to £250,000
- Interest rates and fees can vary between lenders
- Government will offer an 80% guarantee to the lender
The RLS does have some advantages over the previous government loan schemes but one thing is the same, there is a dedicated pot of money and when it has all been used up that will be it. If any business is thinking about applying for some funding, then our recommendation is to act now while the money is available.
To find out more please call us on 01993 706403 or e-mail firstname.lastname@example.org.