The new iteration of the Recovery Loan Scheme (RLS) is designed to support access to finance for UK businesses as they look to invest and grow.
We have substantial experience in dealing with the majority of the lenders on the scheme.
Facilities of up to £2 million are available per business and, a list of accredited lenders is available to view via the British Business Bank website.
The finance can be used for any legitimate business purpose. You can borrow under the scheme even if you have already borrowed under other schemes (CBILS, CLBILS, BBLS). In certain circumstances though, the amount a business can borrow may be restricted.
There are similarities to the facilities previously provided under CBILS, namely:
The points of difference are:
There are fewer lenders on the Recovery Loan Scheme, so getting yours right first time is key to making the process as efficient as possible and maximising your chances of success. The Crowe specialist team can support you with this. We can help you compile a professional, robust application pack with all the information required, incorporating a degree of external scrutiny. This will stand you in good stead when approaching and seeking support from existing and new lenders.
You and your lender may have already had a conversation about applying for a loan/facilities under the scheme, along with considering a rescheduling of existing facilities.
Irrespective of whether you qualify under the Recovery Loan Scheme, we can help you to assess your current facilities and financial performance and discuss:
If you need assistance in accessing the scheme or wish to have a conversation before you apply, please get in touch with your usual Crowe contact or Andy Kay or Julie Mole.
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