Government-backed Finance
Government-backed Finance
Recovery Loan
The Recovery Loan Scheme (RLS) is a government-backed loan scheme designed to support access to finance for UK businesses as they look to invest and grow.
The Scheme offers:
- Term loans, overdrafts, asset finance, and invoice finance.
- Finance between £1,000-£2m.
- 70% Government guarantee to lender (Borrower is still 100% liable for the debt)
Businesses who have previously accessed other finance including CBILS, BBLS are eligible to apply. Businesses are encouraged to check with their existing bank to see if they are offering this finance or can visit this page to see all current accredited lenders.
The Growth Guarantee Scheme will launch with accredited lenders on 1 July 2024, with a wide range of products supported by different lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The terms of the scheme are intended to remain broadly unchanged from the Recovery Loan Scheme, enabling continuity and consistency for lenders and the business community.
If you want to discuss and understand either scheme further then please contact us.
Repayment of Bounce Back Loans
Bounce Back Loan borrowers can tailor payments according to their individual circumstances. Lenders will proactively and directly inform their customers of Pay as You Grow, and borrowers should only expect correspondence three months before their first repayments are due.
It will provide businesses with the following options:
- Extend the length of the loan from six years to ten
- Make interest-only payments for six months, with the option to use this up to three times throughout the loan
- Pause repayments entirely for up to six months
Your lender will get in touch to outline your options three months before your repayments are due to start.