Are you aware that your business can still benefit from the government backed Recovery Loan Scheme?

Phase 3 of the Recovery Loan Scheme (RLS) was launched in August 2022 and is designed to provide support for UK businesses as they look to invest and grow. With the RLS not due to run out until 30^th June 2024, there is still plenty of time for your business to make the most of this government backed scheme. Businesses who took out a RLS, CBILS, CLBILS, BBLS facility before 30^th June 2022 are still eligible for the third iteration of the RLS.

Times are uncertain with many UK businesses still feeling the pinch, as the RLS comes with a government backed guarantee, the scheme is particularly beneficial to those businesses that lack tangible security. However, it is worth remembering that your business will always remain fully liable for the debt.

The maximum funding your business can secure as part of the scheme is up to £2 million per business group or up to £1 million per business group in Northern Ireland. With term lengths ranging from 3 months to a maximum of 6 years.

UK businesses can use the scheme for any legitimate business purpose, whether your business is in need of new assets, looking to expand, or to just simply improve cash flow. The scheme supports multiple products that could benefit your business including invoice finance facilities, asset finance, term loans, and even overdrafts. However, it is worth highlighting that not all lenders will be able to support these products, so that is where Prydis can help. As an independent commercial finance broker, we have access to an extensive network of lenders in all product types, so we can source and find the best solution for your business.

The RLS is open to smaller businesses with a turnover of up to £45 Million. To be eligible your business must be carrying out its trading activity in the UK and must not be classed as a business in difficulty (Such as being in insolvency proceedings). Other eligibility and viability factors will apply and would be assessed by the lender.

So, if you think your business might be eligible for the Recovery Loan Scheme, please contact us to see what options are available to your business. You can book a free consultation with Kyle Borland today through Commercial Finance or you can contact him via email kyleborland@prydis.com or call +44(0) 1392 429687.