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Register your interest for the Recovery Loan Scheme Interested in a Recovery Loan for your business? Our team of experts are on hand to guide you through the process and help you with any questions you may have.
"The application process was quick and simple, with the funds landing in my business account just 24 hours following the lender acceptance. I wouldn't hesitate to use this product again, via Asset Funder who have understood what is important to us and have made the process really easy." James Cannon MD, IT Support Business
"The application process was quick and simple, with the funds landing in my business account just 24 hours following the lender acceptance. I wouldn't hesitate to use this product again, via Asset Funder who have understood what is important to us and have made the process really easy."
James Cannon MD, IT Support Business
The Recovery Loan Scheme (RLS) was launched by the UK Government on 6th April 2021 and helps businesses access loans and other kinds of finance so they can recover after the COVID-19 pandemic and transition period. Applications for the scheme are open until 30th June 2022, subject to review.
A Government recovery loan could help you in ways such as accessing cash flow, purchasing new equipment, invest in marketing and ultimately grow your business. This scheme replaces the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). If you have previously accessed these schemes, you may still be eligible for the RLS.
As this is a government backed loan, the government will guarantee 70% of the finance to the lender, however as the borrower you are always 100% liable for the debt.
The Recovery Loan Scheme comes in four different forms: term loans, overdrafts, invoice, and asset finance. Depending on which type of facility you wish to access, there are different terms to the agreement. The terms will also change depending on which finance provider you use. If you are unsure of which provider to use, please get in touch and we can help you explore your options.
The maximum length of the facility also depends on the type of finance you apply for:
One of the great benefits of the RLS is that if you are borrowing less than £250,000 then a personal guarantee is not required.
You can apply for a loan if your business:
Businesses from any sector can apply except for:
If you are looking to access the new government initiatives, then Asset Funder is here to help. Using a finance brokerage can have great benefits when accessing funding due to our expertise. With different finance providers offering different terms, we can work to ensure you have access to the best rates for your business. Although you may be eligible for the RLS, you may also be eligible for commercial loans which may have better terms. We have helped many companies access the CBILS and BBLS and we are excited to help you use the RLS to recover and grow your business too.
As an RLS-accredited brokerage, we can handle the application process for you, and you could receive a decision within a few days. Please register your interest by clicking the button below. A member of our team will be in touch for a no-obligation chat about your funding requirements.
Register your interest