The government have extended the Recovery Loan Scheme (RLS) that has helped businesses throughout Covid-19, for a further two years.
The scheme, originally launched in April 2021 to help businesses recovering from the Covid-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support.
The RLS is a government scheme aimed at supporting access to finance for UK businesses. It gives lenders a government-backed guarantee against the outstanding balance of the facility.
Applications to the new business loan scheme opened on 1 August and will run until 30 June 2024. The £2 million maximum loan amount remains the same and the Government will underwrite 70 per cent of lender liabilities, at the individual borrower level, in return for a lender fee.
