Since the Covid-19 pandemic hit the Government have been incredibly proactive in supporting the business community through a range of funding initiatives. We saw the introduction of the Business Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS). Most recently these have all been replaced with the Recovery Loan Scheme (RLS)
The RLS is a government small business loan with the following key features:
- The scheme is open to both new and existing customers
- No personal guarantees required for up to £300,000
- Funding is available between £25,000 and £10m
- No arrangement fees or early repayment fees on loans up to £3m
- Any existing business assets can be considered when securing an RLS
- There will be no fee require for the government guarantee*
- The scheme will run until 21st December 2021
In terms of fixed interest rates the following gives an indication of those currently available:
Between £25,000 and £300,000 4.49% up to 3-years and 4.99% for over 3-years
Between £300,000 and £2,999,999 3.75% up to 3-years and 3.99% for over 3-years
If you have any questions regarding a government small business loan or would like to discuss an application, please call us on 01993 706403 or e-mail email@example.com.
* Although no lender fees will apply, as a finance broker there will be a charge for the loan arrangement fee.