The new iteration of the Recovery Loan Scheme, details of which were published on 1 August 2022, will run for a further two years, supporting access to finance for UK businesses as they look to invest and grow.
Unlike the previous iteration of the scheme, (for most borrowers), there is no requirement to confirm they have been affected by COVID-19.
The maximum facility size is £2 million, for borrowers outside the scope of the Northern Ireland Protocol, and £1 million for those in scope of the Northern Ireland Protocol. The British Business Bank will continue to administer the scheme on behalf of the Secretary of State for BEIS.
RLS offers a government guarantee for small business lending; the government underwrites 70 per cent of what the lender could lose if a business defaults. You can find more details here:
https://swoopfunding.com/uk/covid-19/recovery-loan-scheme/
There are many potential sources of finance. Talk to us if you are seeking finance.
