We are an accredited provider of the government’s Recovery Loan Scheme (RLS). The initiative offers term loans of up to £2m per business or £6m per group, with the lender given a government-backed guarantee against the facility’s outstanding balance. Funds may be used for short-term needs, such as working capital or refinancing debt, or longer-term projects, such as growth capital, expanding through M&A or succession planning via MBOs or MBIs.
The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cash flow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.
At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022, with changes applying to all offers made from 1 January 2022.
Legal notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Visit http://www.british-business-bank.co.uk/recovery-loan-scheme for more information.
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