Recovery Loan Scheme: Difference between revisions

Revision as of 15:46, 7 July 2022

COVID-19 - business continuity - UK.

(RLS).

The UK's temporary Recovery Loan Scheme replaced the CLBILS, CBILS and Bounce Back schemes.

For new applications, the RLS ran from April 6, 2021 until 30 June 2022.

Finance terms were up to six years for term loans and asset finance facilities.

For overdrafts and invoice finance, terms were up to three years.

No personal guarantees were taken on facilities up to £250,000 and a borrower’s principal private residence could not be taken as security.

Like CBILS and the Bounce Back Loans, the RLS was available through a network of accredited lenders.

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 For new applications, the RLS ran from April 6, 2021 until 30 June 2022.
-Under the RLS UK businesses of any size could apply for a loan or overdraft between £25,000 and £10m.
-Asset and invoice finance between £1,000 and £10m was also available.
-All had a Government guarantee of 80 per cent.