Covid Update: Recovery Loan Scheme (RLS)
The RLS is open for applications until 31 December 2021 and the great news is that, as a Capitalise partner, we can offer you access to this. The RLS replaces the now closed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).
Working with Capitalise, who provide access to business funding solutions, we can help you apply via a straightforward, streamlined process to a wide-ranging network of lenders.
The scheme is open to UK trading businesses of all sizes and allows you to access up to £10 million in finance, if your business meets the following eligibility criteria:
- Is trading in the UK
- Is viable or would be viable were it not for the pandemic
- Has been impacted by the coronavirus pandemic
- Is not in collective insolvency proceedings
The maximum value of a facility per business is the lesser of £10m or 25% of 2019 turnover or double the wage bill of 2019.
If borrowing £250,000 or less, the lender will not take any form of personal guarantee. The government guarantees 80% of the finance to the lender.
Your business is eligible even if a loan under CBILS or BBLS has already been taken out.
If you need additional working capital to help your business bounce back from Covid, please get in touch so we can talk through your options.