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• 07 Sep

  RLS Recovery Loan Scheme Invoice Finance

  

  Reminder just in from one of our panel of finance companies outlined the Recovery Loan Scheme. It reminded us that it can include Recovery Loan Scheme Invoice Finance. This is in addition to term loans (over terms of up to 6 years) that can be provided under the scheme. Almost immediately, another of our panel of providers contacted us to advise that they are now accredited to offer this scheme.

  UPDATE: THE RLS SCHEME IS NOW CLOSED BUT PLEASE SEE THE BUSINESS LOAN ALTERNATIVES

  Up To £10M Provided

  The reminder went on to set out that they can provide facilities of up to £10M and that they are accredited to offer these services by the British Business Bank (a requirement for all funders that offer this scheme). The funds can be used for a variety of purposes including, helping a business recover, for investment or for expansion.

  Available If You Already Have CBILS Or BBLS

  You can still access this scheme even if you already have taken out a BBLS or CBILS loan. Therefore you can use this as top-up funding for your company.

  No Personal Guarantees

  No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security. This will give huge peace of mind to some business owners.

  Recovery Loan Scheme Invoice Finance

  It was a timely reminder that the Recovery Loan Scheme (RLS) includes invoice finance options. These can be accessed by both new and existing invoice finance users. The RLS can be used to top up your existing invoice finance facility.

  The RLS offers customers the benefit of an 80% Government-backed guarantee. This means that lenders are more likely to look favourably on an application, as they know that the lending is 80% guaranteed by the UK Government.

  What If You Don't Qualify?

  You may want to know the alternatives if you don't qualify for the Recovery Loan Scheme. Well, there are nearly always options. We have a panel of funders that offer business loans and invoice finance facilities. There is normally some form of business finance that we can find for any UK company. It's rare that we are unable to find any options for a company, even if they have CCJs or are in a CVA. To discuss your situation and the available options, please call Sean on 03330 113622.

  By Glenn Blackman