Relaunch of the Recovery Loan Scheme

The Recovery Loan Scheme (RLS), offering Government-backed loans to small and medium sized businesses, has been extended for a further two years.

Originally launched in April 2021 to help businesses recover from the pandemic, the RLS extension will remain in place until June 2024 to improve the terms on offer to UK small and medium sized businesses as they look to invest and grow.

The updated scheme will offer businesses the same range of funding options to support cash flow, including:

• term loans and asset finance facilities from three months up to six years
• overdrafts and invoice finance from three months up to three years

There are already accredited lenders signed up to the RLS, with additional lenders to be added to the British Business Bank website once they are confirmed as participants.

You can find out more about the eligibility criteria and details on how to apply for the RLS on the British Business Bank website.

If you would like to discuss your circumstances or clarify the support available to you, please contact your usual EQ contact or call one of our offices.