The new iteration of the Recovery Loan Scheme (RLS) is designed to support access to finance for UK businesses as they look to invest and grow.
It will support facility sizes of up to £2million for borrowers outside the scope of the Northern Ireland Protocol. Borrowers in scope of the Northern Ireland Protocol may borrow up to £1million unless they operate in a sector where aid limits are reduced – in which case the maximum that can be borrowed is subject to a lower cap. These include agriculture, fisheries / aquaculture, and road freight haulage.
Businesses can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, businesses must be able to afford to take out additional debt finance for these purposes.
The British Business Bank will administer the scheme on behalf of the of the Secretary of State for BEIS.
For further please select the following link https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/