Loan Repayment Plan – RLS
This newly launched Recovery Loan Scheme (RLS) will replace most of the other Covid loans which have been launched over the past year, like the State’s Rebound Loan Scheme (BBLS) and the Coronavirus Loans (CBILS) scheme, etc.
RLS allows companies to borrow between £ 25,000 and £ 10 million. 80 percent of all loans are guaranteed nationwide and guaranteed to lenders if companies cannot pay their debts. Remember, you must pay the interest and fees (unlike the payback loan program) right away. The RLS is set to run until December 31, 2021, and will help companies get the funds they need to get out of the pandemic as restrictions are lifted across the country.
How Do You Apply?
You can apply for the program if your business has been affected by Covid-19 or if you previously used one of the other loan programs like BBLS or CBILS. To be eligible, you must be trading in the UK and have a lucrative business. You must contact your local authorities for further assistance and information.
Getting out of the Crisis
The launch of this new plan comes as England prepares to reopen open-air hospitality doors, non-essential stores, hair salons, and gyms on April 12th. If you’re getting up and running your business early, our reopening guide has a checklist and helpful tips.
Other Government Loan and Grant Programs
This financial support comes on top of the appeal grants announced in the budget last month. Local authorities administer “appeal grants” and provide companies with one-time cash grants of up to £ 18,000.