Let’s Do Business Finance is now accepting applications for the new Recovery Loan Scheme (RLS) from businesses based in Sussex, Surrey, Kent, Essex, Suffolk, Norfolk, Cambridgeshire and Hertfordshire. The scheme supports access to finance for UK businesses as they recover and grow following COVID.
Let’s Do Business Finance is now accepting applications for the new Recovery Loan Scheme (RLS) from businesses based in Sussex, Surrey, Kent, Essex, Suffolk, Norfolk, Cambridgeshire and Hertfordshire. The scheme supports access to finance for UK businesses as they recover and grow following COVID.
The Recovery Loan Scheme aims to improve the terms on offer to borrowers. If a lender can offer a commercial loan on better terms, they will do so. The Scheme is managed by the British Business Bank on behalf of/and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy.
Business Scheme Eligibility Criteria:
- Be a smaller business with a turnover of up to £45m (on a group basis, where part of a group).
- Must be UK-based
- Covid-19 impact test is not required
- Have a viable business proposition
- Must not be a business in difficulty
Let’s Do Business Group Criteria:
- Loan amounts from £25,001 up to £150,000
- Available terms are three months to six years
- No charge for any early repayment fees
- Must provide a personal guarantee
- Need to cover capital and interest repayments throughout the loan, although an initial capital repayment holiday can be applied for.
- New customers will need to evidence profitable trading for the last two years.
- Do not need to complete a COVID-19 Impact Test, but they will need to show how the Recovery Loan Scheme will support them.
Find information to apply here: https://www.letsdobusinessfinance.co.uk/recovery-loan-scheme
