These packages have been a vital lifeline for millions of businesses across the UK.
While the economy is slowly reawakening after the shock of multiple lockdowns, the impact the closure of these two financial support packages will have—particularly on small business owners—is still not fully known.
Fortunately, there is one form of COVID support still available: the Recovery Loan Scheme (RLS).
But what is the COVID-19 Recovery Loan Scheme and who can apply? If you’re eligible, how do you go about making a claim?
The Recovery Loan Scheme was launched on 6th April 2021 to support small businesses as they recovered from the financial impact of the coronavirus pandemic.
Loans are available through a network of accredited commercial lenders and administered by the British Business Bank.
The government will provide an 80% guarantee for all loans taken out through the scheme, and the interest rate has been capped at 14.99% (although it’s expected that the vast majority of businesses will be able to access loans at much lower interest rates).
The actual amount offered and the terms are determined by participating lenders. Those lenders include:
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