Recovery Loan Scheme Extended
The UK Government has extended the Recovery Loan Scheme (RLS) by a further two years, with applications opening in August 2022 – when further details on the scheme will also be released.
The loan was originally introduced in April 2021 to support businesses across the UK as they recovered following the coronavirus pandemic.
To date, the scheme has provided funding to almost 19,000 businesses with an average of £202,000 in support. British Business Bank figures show that £4.5bn has been lent as a result of the scheme.
The structure of the scheme remains essentially the same.
The scheme supports access to finance for small businesses;
The maximum amount of finance available will be £2 million per business; and
The guarantee coverage that the Government will provide to lenders remains at 70%.
A new addition to the criteria is that lenders may now require a personal guarantee from the borrower, in line with standard commercial practice.
Further details on how to apply for the extended RLS will be communicated as they are published.
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