Recovery Loan Scheme
Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.
The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
Check your eligibility for RLS?
You will be able to apply for a RLS facility if your business is trading in the UK. You will need to demonstrate that your business is a viable operation or would be viable were it not for the pandemic, has been impacted by the coronavirus pandemic, and is not part of collective insolvency proceedings.
Businesses that have already received support under the existing COVID-19 guaranteed loan schemes can still be eligible to access finance under the RLS. Origin Finance can handle your application from start to finish- to check your eligibility 30 seconds, complete the form below.
Who can apply for RLS?
What sectors are eligible?
Businesses from any sector can apply, except the following: Banks, building societies, insurers and reinsurers, public sector organisations and trade unions.
Does business size matter?
The size of your business does not come into consideration for RLS. Unlike the CBILS scheme there is no limit based on turnover.
What is RLS?
In the Budget on March 3rd, 2021, Chancellor Rishi Sunak announced the Recovery Loan Scheme (RLS), the Government’s latest debt finance programme. RLS was launched on April 5th 2021, and the programme was initially set to run until 31st December 2021. However, due to the ongoing need for funding it’s been extended until June 30th 2022.
As with the previous three initiatives before it, the new scheme aims to help businesses impacted by COVID-19 and can be used for any legitimate business purpose, including managing cashflow, investment, and growth. It is designed to appeal to businesses that can afford to take out additional debt finance for these purposes.
There is no minimum or maximum turnover requirement to obtain a loan, although all applications will be fully credit-assessed. The RLS will be available through a network of accredited lenders
RLS will run until June 30th 2022, subject to review.
Types of Finance
A lender can provide up to £2 million as one of the following facilities:
- Term loan
- Invoice finance
- Asset finance
You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth.