- RLS is a Government initiative providing financial support for UK businesses who have been affected by Covid-19. Through this scheme, UK businesses are able to access finance of between £25,001 and £10 million to help them recover and grow.
- For lenders accredited under the scheme, the Government provides an 80% guarantee on each loan.
- Please note, when taking out an RLS loan, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a guarantee to the lender, not to the business.
- Following the announcement in the Autumn 2021 budget, the scheme was extended until 30th June 2022 and the following changes came into effect on 1st January 2022:
- The scheme is only open to small and medium sized businesses with a turnover of less than £45 million.
- The maximum loan amount available on the scheme is £2 million.
- The Government guarantee to lenders was reduced to 70%.
- You can read more about RLS on the British Business Bank’s website.
What is the Recovery Loan Scheme? (RLS)?
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