As the Recovery Loan Scheme (RLS) is due to end on 30th June, we wanted to update you on what to expect. Some schemes are already running low on capacity and this will not now be replenished unless there is an extension to the scheme. Until when can you apply for an RLS loan? Technically you can apply up until the 30th June. One lender announced today that for them around the 23rd May will be the cut off. As schemes run out of capacity the number of options will increasingly become more limited. With CBILS there was a huge number of applications in the final days a large number of which did not progress. If you leave it to the last minute you will probably be disappointed! Key features of RLS loans:
Recovery loans from £25,001 to £2m
No personal guarantee required up to £250,000
Rates up to 14% per year
Terms from 2 to 6 years
No early settlement fees with most lenders
Can be in the form of term loan, invoice finance, asset finance or overdraft.
What finance will be available to small businesses following this? Most lenders if they haven't done so already will revert to offering their standard range of products. We will be happy to help you with any requests for funding. A comprehensive range is detailed on our website . If you have any questions, please do not hesitate to reach out to us or alternatively contact us at info@atlascredit.co.uk or +44 191 810 7752.
