Recovery Loan Scheme (RLS)
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which opened on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
All other Government back loan schemes have closed and we’re no longer accepting applications for new loans or top ups to existing loans. If, following an application for business lending, our Relationship Team think that an RLS may be an option for you to consider, they will raise this option with you at that time.