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What is the Recovery Loan Scheme? (RLS)?

  • 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 has been extended and is now due to end on 30th June 2022. In addition, there are some further changes that will come into effect from 1st January 2022:
    • The scheme will only be open to small and medium sized businesses with a turnover of less than £45 million.
    • The maximum loan amount available on the scheme will be £2 million.
    • The Government guarantee to lenders is being reduced to 70%.
  • All of the above changes will apply to all offers made from 1st January 2022.
  • You can read more about RLS on the British Business Bank’s website.
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