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What is the updated Recovery Loan Scheme (RLS)?
Introduced in August 2022, the refreshed Recovery Loan Scheme (RLS) is there to help UK small businesses by giving access to finance.
Businesses that took advantage of a CBILS, BBLS, or an RLS package before 30 June 2022 can still access the current RLS. However, it might limit the sum a company is eligible to borrow in certain situations.
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- Loan Amount: Starting from £25,001 and going up to £250,000.
- Fixed Interest Rate: Competitive rates beginning from 13.7% p.a.
- Flexible Terms: Ranging between 2 to 6 years.
- Early Settlement: Absolutely no fees for settling ahead of schedule.
- Decision Turnaround: Lightning-quick decisions in as little as an hour.
- Supportive Guidance: Expert account managers ready to assist and advise.
- Clear Application Process: Simple and straight forward.
- Decision Turnaround: Lightning-quick decisions in as little as an hour.
- Supportive Guidance: Expert account managers ready to assist and advise.
- Clear Application Process: Simple and straight forward.
You are eligible to apply if you:
- Have a turnover under £45 million
- Have been trading in the UK for at least 2 years
- Are a limited company
- Want to use the loan for a business purpose (e.g. working capital)
- Are a solvent business
