RLS was originally designed to aid businesses with their recovery post Covid restrictions and government mandated shutdowns.
The immediate issues of the pandemic are now behind us but business are still feeling the after effects as well as facing new challenges since the threat from Covid has faded.
RLS, phase 3, was extended in August 2022, with a planned expiry of 30th June 2024, this will be the last summer of the scheme. Businesses now face new challenges from cost inflation, recruitment issues, both cost and shortages, the continuing conflict in the Ukraine and supply chain issues all contributing to a tough economic landscape.
With the ongoing uncertainty of interest rate increases, now could be the perfect time to review your businesses’ growth plans and ensure you have adequate and appropriate funding to make the most of opportunities in the final quarter of 2023.
Qualifying criteria
The RLS scheme is designed to appeal to businesses that can afford to take out additional finance, providing them with continued support as they steer a path towards a sustainable recovery.
Funds can be used for business purposes including managing cashflow, investment and growth.
Your business may have existing BBLS, CBILS, CLBILS or RLS facilities. This does not prevent you from benefiting from the new scheme, although the amount borrowed under previous facilities may limit the amount that can be borrowed through this latest version of the Recovery Loan Scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses. We will work with you to investigate and provide the most appropriate facility. If a lender can offer the choice of a commercial loan on better terms, without requiring the guarantee provided by RLS, they should do so.
For the Recovery Loan Scheme, Claratus is a broker, not a lender.
As with the other support schemes, the borrower is 100% liable for the debt.