Recovery Loan Scheme

CBILS

Recovery Loan Scheme

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.

Customer Reviews

Testimonial - 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

What is the Recovery Loan Scheme (RLS)?

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 31st December 2021, 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 80% of the finance to the lender, however as the borrower you are always 100% liable for the debt.


How much can you borrow on the Recovery Loan Scheme?

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.

You could borrow:

  • Term loans and overdrafts: between £25,001 and £10 million per business.
  • Invoice or asset finance: between £1,000 and £10 million per business.

How long is the loan for?

The maximum length of the facility also depends on the type of finance you apply for:

  • Up to 6 years for loans and asset finance facilities.
  • Up to 3 years for overdrafts and invoice finance facilities.

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.
 

Who is eligible for the Recovery Loan Scheme?

You can apply for a loan if your business:

  • Is trading in the UK
  • Would be viable were it not for the pandemic
  • Has been adversely impacted by the pandemic
  • Is not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply).

Businesses from any sector can apply except for:

  • Banks, building societies, insurers, and reinsurers (but not insurance brokers)
  • Public-sector bodies
  • State-funded primary and secondary schools
     

Why Asset Funder?

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.

How to apply for the Recovery Loan Scheme

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

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