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Business Recovery Loan Scheme

Business Recovery Loan Scheme

During the 2020 Pandemic, the UK government brought out 2 types of loan for businesses, a smaller BounceBack Loan (BBL) of up to £50k and a Covid Interruption Business Loan Scheme (CBILS) for larger amounts.   In Budget 2021 both loan schemes ended and a new loan scheme was introduced the Recovery Loan Scheme (RLS).

 Announced on 3rd March – little information is currently available, what we do know so far is:

  1.  Available: from April 3rd to December 21st 2021
  2. Loan amounts: from £25,000 to £10m, including loans, invoice finance and asset finance
  3. Eligible purpose:  any legitimate business purpose including growth and investment
  4. Government guarantee: up to 80% of the finance is guaranteed to the lender by the Government
  5.  Eligible businesses:
  •          Is trading in the UK
  •          Viable, or would be but for the pandemic
  •          Impacted by the pandemic
  •          Not in insolvency proceedings

How to apply: not yet available

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