COVID – 19 has affected the small firms more than the large enterprises. Many businesses have shut down while others are still striving to sustain. The recovery loan scheme announced in the spring 2021 budget, aims to kickstart business with financial aid.
RLS is an excellent option to inject much needed capital into your business. Backed by the British Business Bank, if the lender is borrowing less than £250,000 no personal guarantee is required.
If you have missed the application deadline for CBILS you can still apply for RLS and keep business rolling. RLS also enables you to pay the previous BBLS and CBILS loans.
The Recovery Loan Scheme can be used for:
- Upskilling Your Workforce
- Debt Consolidation
- Working Capital
Under this scheme lenders can offer up to £10 million over a maximum term of six years in form of a loan or asset finance.