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Recovery Loan Scheme now open for applications

Recovery Loan Scheme now open for applications

April Foster

The government’s latest COVID-19 support programme, the Recovery Loan Scheme (RLS) has been opened for applications as of yesterday (6 April 2021).

The scheme is available to businesses affected by the pandemic, including those who have received previous loan schemes such as the Bounce Back Loan or Business Interruption Loan.

The Recovery Loan Scheme will be available until 31 December 2021.

Who is eligible?
To be eligible, your business must have been affected by COVID-19 and the money must be used for a legitimate business purpose such as managing cash flow, growth and investment.  

If you have already claimed any other loan scheme, you are still able to claim RLS, however the amount borrowed under previous schemes may affect and limit how much you are able to borrow under RLS. 

To summarise, your business must:
  • Have been impacted by Covid-19 – you will need to confirm to the lender that you have been impacted by the coronavirus pandemic.
  • Be carrying out trading activity in the UK.
  • Have a viable business proposition – your lender may disregard (at its discretion) any concerns over short-term to medium-term business performance due to the uncertainty and impact of Covid-19.

How to apply
The RLS will be available through a number of lenders who have been accredited by the British Business Bank. The number of lenders will grow as more become accredited and added to the list. 

After approaching an accredited lender, they will make a decision as to whether you are eligible for RLS. 

N.B. There is no turnover restriction for businesses accessing the scheme.

For full details about RLS, including information on how to apply and to see the list of lenders, click here to visit the British Bank website. 

For further advice on any of the information contained in this article, please contact your usual Moore adviser.