First accredited lenders announced for the Recovery Loan Scheme
The government recently announced the decision to extend the Recovery Loan Scheme (RLS) for another two years – the scheme has been extended in order to help businesses that may be struggling in the current economic climate and runs to 30 June 2024. It is relevant to businesses with a turnover of up to £45m and the maximum facility is £2m, with a 70% Government Guarantee.
The first batch of lenders announced is:
- Lloyds Bank
- Bank of Scotland
- Coventry & Warwickshire Reinvestment Trust (CWRT)
- Royal Bank of Scotland
NerdWallet’s survey found that 500 UK SME’s said that their survival is dependent on accessing finance by the end of the year. The scheme is therefore aiming to help these businesses to recover from a challenging few years with COVID-19 and now a potential economic downfall.