Wed 7th Apr 2021: Recovery Loan Scheme
The British Business Bank has just launched a new loan scheme, the Recovery Loan Scheme (RLS). The programme ensures businesses can continue to access asset finance loans up to £10 million, as the UK continues to recover from the pandemic. The government's emergency loan schemes have already provided £75 billion of finance and the RLS will provide lending confidence to banks as the UK recovers from the impact of the pandemic.
Who is eligible?
- Your business must have been affected by COVID 19
- There is no turnover limit so, all businesses can apply for finance
- Companies are eligible even if they have taken out a CBILS or a BBL facility
The key details:
- Asset finance deals up to £10 million
- Maximum term of six years
- Government guarantees 80% of the loan
- The programme is open until the 31st of December 2021
- No Personal Guarantees up to £250k and the principal borrower's private residence cannot be taken as security
Find out More
If you would like access to the RLS, contact First Asset Finance to discuss applications to the accredited asset finance lenders.