The Recovery Loan Scheme (RLS) allows businesses to apply for a loan of between £25,000 and £10million. The loans are 80% backed by the government, giving guarantee to lenders if businesses are unable to repay.
To be eligible, your business must be trading in the UK and you need to show that your business:
-Would be viable if not for the pandemic
-Has been adversely impacted by the pandemic
-Is not in collective insolvency proceedings
Businesses from any sector can apply, except:
-Banks, building societies and (re)insurers
-State-funded primary and secondary schools
The scheme is open until 31 December 2021.
To apply, follow the link below:
Knowing how to take control of your business finances to maximise profits can be difficult, especially with the current climate. Knowing the common mistakes to avoid can be difficult and can leave you feeling unsure.
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