10/05/2021
The Bounce back and CBILS government loan schemes have now come to and end. The Government have however set up a new scheme to aid businesses looking for finance.
The scheme is called the Recovery loan Scheme (RLS) and is for Businesses that have been impacted by the pandemic and now require viable support for growth. This scheme is 80% backed by the Government and for facilities up to £250k requires no Personal Guarantee, the main points are:
• RLS covers Loans, Overdrafts, Asset finance and Invoice finance.
• The minimum amount is £1000 for Asset and Invoice finance and £25001 for Loans and overdrafts, the maximum advance is £10 million for single companies.
• The minimum term is 3 months, and up to 3 years for Invoice finance and Overdrafts and up to 6 years for Loans and Asset finance.
• Unlike CBILS and Bounce back there is no minimum business turnover required.
• You do not need to settle your previous Bounce back or CBILS Loans
SME Business Finance 30 years of expertise in putting deals together means that there is more chance of a deal being approved
If you are interested in finance for your business or would like further information then please contact us on 0208-652-7666.
