Recovery Loan Scheme.
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 cashflow, 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 still 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 we can offer you the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, then we will.
The Scheme will run until 31 December 2021, subject to review.
UKSE is an accredited lender under the Recovery Loan Scheme. This means that we are able to offer Government-backed loans of up to £250,000 to eligible businesses across our normal operating areas.
If your business has been affected by the Covid-19 pandemic and you need some support to help you recover and grow, then please get in touch with your local office or jump straight in and see if you may be eligible for support.
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
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 PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme