We at Business Finance Services are delighted to announce that we have been chosen to Partner with Funding Circle to offer the latest version of the Government’s Recovery Loan Scheme being made available through the British Business Bank.
In simple terms this scheme offers loans of between £25,001 and £250,000 to SME’s in the UK on the following conditions:
- Open to SMEs with a Turnover of £45 million p.a. or less.
- RLS supports a wide range of products, covering term loans, overdrafts, asset finance and invoice finance facilities. You can borrow up to a maximum of £2 million per business group, or up to £1 million for business groups in scope of the Northern Ireland Protocol.1 Repayment terms are up to six years (for term loans and asset finance) and up to three years (for overdrafts and invoice finance facilities)2.
- Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.
- Lenders will be required to undertake their standard credit, fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks for all applicants as well as certain fraud and financial crime assessments, as required under RLS. When making their assessment, lenders may overlook concerns over short-to-medium term business performance owing to the after-effects of the pandemic.
- The scheme provides the lender with a government-backed 70% guarantee against the outstanding balance of the facility. Your business remains 100% liable for repayment of the facility.
If you would like to learn more about the Scheme and whether your business is eligible, then call us at BFS on 0800 093 5240 and we will guide you through the application process. Alternatively complete the enquiry form here on our web site www.bufinserv.co.uk and we will get right back to you. We will work with you to check that your business meets the criteria required for the application.