Sourcing finance, Supporting growth

Business loans and asset finance for equipment, growth and cash flow

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Apply now

By submitting this form you agree with the terms and conditions provided and acknowledge that you have read, and agree to proceed, with our standard terms of business and privacy policy – https://thefundingstore.co.uk/privacy/

Sourcing finance, Supporting growth

Business loans and asset finance for equipment, growth and cash flow

Get an instant quote
Apply now

By submitting this form you agree with the terms and conditions provided and acknowledge that you have read, and agree to proceed, with our standard terms of business and privacy policy – https://thefundingstore.co.uk/privacy/

Recovery loan scheme

Information updated and correct as of 24th August 2023

Fuel Your Business Growth with the Recovery Loan Scheme (RLS)!

Navigating the tides of business can be challenging, and securing the right funding is essential to ensure stability and growth.

At The Funding Store, we’re proud to support UK businesses by offering information and access to the government-supported Recovery Loan Scheme.

The Recovery Loan Scheme (RLS) is a UK government initiative aimed at bolstering financial access for businesses seeking to expand and flourish.

This program facilitates lending amounts of up to £2 million for businesses not covered by the Northern Ireland Protocol.

Enterprises are at liberty to utilise these funds for any credible business-related aim, encompassing cash management, scaling, and investment.

But, it’s essential that they possess the financial capacity to incur further debt for these reasons.

The British Business Bank oversees and implements this scheme under the directive of the Secretary of State for Business and Trade.

Why Consider RLS?

Invest in Growth: Backed by the British Business Bank, RLS caters to businesses aiming to expand and flourish, providing finance options up to £2 million.

Flexible Options: Whether you need term loans, overdrafts, asset finance, or invoice finance, RLS has a diverse range of products with varying term lengths.

Trustworthy Support: RLS is a government-endorsed initiative, guaranteeing 70% of the loan amount, while still ensuring borrowers remain fully liable.

Tailored Approach: Lenders make their decisions after thorough credit and fraud checks, ensuring the safety and viability of the funding.

Key features include:

  • Up to £2 million per business group: The maximum amount of a facility provided under the scheme is £2 million per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1 million per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.

  • Wide range of products: RLS supports term loans, overdrafts, asset finance and invoice finance facilities. Not all lenders will be able to offer all products.

  • Term length: Term loans and asset finance facilities are available from three months up to six years, with overdrafts and invoice finance available from three months up to three years.

  • Access to multiple schemes: Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or RLS facility before 30th June 2022 are not prevented from accessing RLS, but in some instances borrowing under these schemes may reduce the maximum amount the borrower is eligible for.

  • Pricing: Interest rates and fees charged by lenders will vary and will depend on the specific lending proposal. The lender’s pricing will take into account the benefit of the Government guarantee.

  • Personal Guarantees: Personal guarantees can be taken at the lender’s discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.

  • Guarantee is to the lender: The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.

  • Decision-making delegated to the lender: RLS-backed facilities are provided at the discretion of the lender. Lenders are required to undertake their standard credit and fraud checks for all applicants.

The assistance provided through RLS, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower.

There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period.

Any previous subsidy may reduce the amount a business can borrow.

Eligibility criteria include:

  • Turnover limit: The scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where part of a group).

  • UK-based: The borrower must be carrying out trading activity in the UK and, for most businesses, generating more than 50% of its income from trading activity.

  • Viability test: The lender must consider that the borrower has a viable business proposition but may disregard (at its discretion) any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.

  • Business in difficulty: The borrower must not be a business in difficulty, including not being in relevant insolvency proceedings.

  • Subsidy limits: Borrowers will need to provide written confirmation that receipt of the RLS facility will not mean that the business exceeds the maximum amount of subsidy they are allowed to receive.

    All borrowers in receipt of a subsidy from a publicly funded programme should be provided with a written statement, confirming the level and type of aid received.

How to apply for the Recovery Loan Scheme (RLS)

To apply for the Recovery Loan Scheme (RLS), you will need to provide supporting evidence that you can afford to repay the Recovery Loan Scheme (RLS) facility, including, but not limited to:

  • Historic financial accounts

  • Management accounts

  • Details of the asset (if asset finance)

The Funding Store have a panel of Recovery Loan Scheme (RLS) accredited lenders that can assist with your search for the right business finance in this difficult and uncharted time. Contact us today on 01908 880420 or apply online above.

The Funding Store have a panel of Recovery Loan Scheme (RLS) accredited lenders that can assist with your search for the right business finance in this difficult and uncharted time.

The Recovery Loan Scheme aims to improve the terms on offer to borrowers. If a lender can offer a commercial loan on better terms, they will do so.

Please note that your business will be liable for 100% of the debt. When taking out funding through the Recovery Loan Scheme (RLS), the business is liable for the full loan amount.

Fuel Your Business Growth with the Recovery Loan Scheme (RLS)!

Navigating the tides of business can be challenging, and securing the right funding is essential to ensure stability and growth.

At The Funding Store, we’re proud to support UK businesses by offering information and access to the government-supported Recovery Loan Scheme.

The Recovery Loan Scheme (RLS) is a UK government initiative aimed at bolstering financial access for businesses seeking to expand and flourish.

This program facilitates lending amounts of up to £2 million for businesses not covered by the Northern Ireland Protocol.

Enterprises are at liberty to utilise these funds for any credible business-related aim, encompassing cash management, scaling, and investment.

But, it’s essential that they possess the financial capacity to incur further debt for these reasons.

The British Business Bank oversees and implements this scheme under the directive of the Secretary of State for Business and Trade.

Why Consider RLS?

Invest in Growth: Backed by the British Business Bank, RLS caters to businesses aiming to expand and flourish, providing finance options up to £2 million.

Flexible Options: Whether you need term loans, overdrafts, asset finance, or invoice finance, RLS has a diverse range of products with varying term lengths.

Trustworthy Support: RLS is a government-endorsed initiative, guaranteeing 70% of the loan amount, while still ensuring borrowers remain fully liable.

Tailored Approach: Lenders make their decisions after thorough credit and fraud checks, ensuring the safety and viability of the funding.

Key features include:

  • Up to £2 million per business group: The maximum amount of a facility provided under the scheme is £2 million per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1 million per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.

  • Wide range of products: RLS supports term loans, overdrafts, asset finance and invoice finance facilities. Not all lenders will be able to offer all products.

  • Term length: Term loans and asset finance facilities are available from three months up to six years, with overdrafts and invoice finance available from three months up to three years.

  • Access to multiple schemes: Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or RLS facility before 30th June 2022 are not prevented from accessing RLS, but in some instances borrowing under these schemes may reduce the maximum amount the borrower is eligible for.

  • Pricing: Interest rates and fees charged by lenders will vary and will depend on the specific lending proposal. The lender’s pricing will take into account the benefit of the Government guarantee.

  • Personal Guarantees: Personal guarantees can be taken at the lender’s discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.

  • Guarantee is to the lender: The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.

  • Decision-making delegated to the lender: RLS-backed facilities are provided at the discretion of the lender. Lenders are required to undertake their standard credit and fraud checks for all applicants.

  • Personal Guarantees: Personal guarantees can be taken at the lender’s discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.

  • Guarantee is to the lender: The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.

  • Decision-making delegated to the lender: RLS-backed facilities are provided at the discretion of the lender. Lenders are required to undertake their standard credit and fraud checks for all applicants.

The assistance provided through RLS, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower.

There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period.

Any previous subsidy may reduce the amount a business can borrow.

Eligibility criteria include:

  • Turnover limit: The scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where part of a group).

  • UK-based: The borrower must be carrying out trading activity in the UK and, for most businesses3, generating more than 50% of its income from trading activity.

  • Viability test: The lender must consider that the borrower has a viable business proposition but may disregard (at its discretion) any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.

  • Business in difficulty: The borrower must not be a business in difficulty, including not being in relevant insolvency proceedings.

  • Subsidy limits: Borrowers will need to provide written confirmation that receipt of the RLS facility will not mean that the business exceeds the maximum amount of subsidy they are allowed to receive.

    All borrowers in receipt of a subsidy from a publicly funded programme should be provided with a written statement, confirming the level and type of aid received.

How to apply for the Recovery Loan Scheme (RLS)

To apply for the Recovery Loan Scheme (RLS), you will need to provide supporting evidence that you can afford to repay the Recovery Loan Scheme (RLS) facility, including, but not limited to:

  • Historic financial accounts

  • Management accounts

  • Details of the asset (if asset finance)

The Funding Store have a panel of Recovery Loan Scheme (RLS) accredited lenders that can assist with your search for the right business finance in this difficult and uncharted time. Contact us today on 01908 880420 or apply online above.

The Funding Store have a panel of Recovery Loan Scheme (RLS) accredited lenders that can assist with your search for the right business finance in this difficult and uncharted time.

The Recovery Loan Scheme aims to improve the terms on offer to borrowers. If a lender can offer a commercial loan on better terms, they will do so.

Please note that your business will be liable for 100% of the debt. When taking out funding through the Recovery Loan Scheme (RLS), the business is liable for the full loan amount.

Accessing business finance doesn’t need to be complicated or time-consuming. We put you in front of multiple lenders to bring you fast, flexible solutions that meet your finance needs.

I am looking for…

Business loans

Asset finance

Property finance

Invoice finance

Trade finance

Merchant cash advance

Helping you find the right finance for your business

At The Funding Store we know our finance, and we know how important it is for small businesses to access the right finance, at the right time.

Put our team to the test. Contact us today and let’s talk about your specific needs. We will then set about finding the right finance for your business, all without obligation of course.

Helping you find the right finance for your business

At The Funding Store we know our finance, and we know how important it is for small businesses to access the right finance, at the right time.

Put our team to the test. Contact us today and let’s talk about your specific needs. We will then set about finding the right finance for your business, all without obligation of course.

How it works

Fast online application

Submit basic information about your business and the applicants, you can do this either online or by calling us on 01908 880420.

Get your customised quote

A member of our team will then speak with you to obtain further information relevant to your application, to help tailor the quote to your specific requirements.

Review your offers

We will provide you with any conditional offers that you may be approved for and answer any questions that you may have on them.

Get fast funds

Once you have accepted and completed the paperwork of your preferred offer, funds can potentially be with you on the same day.

How it works

Fast online application

Submit basic information about your business and the applicants, you can do this either online or by calling us on 01908 880420.

Get your customised quote

A member of our team will then speak with you to obtain further information relevant to your application, to help tailor the quote to your specific requirements.

Review your offers

We will provide you with any conditional offers that you may be approved for and answer any questions that you may have on them.

Get fast funds

Once you have accepted and completed the paperwork of your preferred offer, funds can potentially be with you on the same day.

Sourcing finance,
Supporting growth

Asset finance & Business loans

Invoice finance & Trade finance

Why use The Funding Store?

Same day decision

If you need immediate access to finance our team will work to your brief, providing a same day decision and finance in your account in as little as 4 hours.

We have good relationships with some of the UK’s leading finance providers, to secure competitive rates for your business. Contact us to discuss your requirements.

We don’t use a scattergun approach. Understanding your finance needs allows us to approach the right lenders, which means you will not be hit by multiple credit searches, impacting your score.

We don’t charge for searching for your finance. We only earn if you choose a finance package that you are happy with, therefore our sole focus is finding finance that meets your needs.

We are happy to talk to everyone involved, including your accountant, IFA or solicitor to make sure we are all working together, or to request information, taking the hassle off your shoulders.

We boost our clients to get more sales

We Build Relationships

We are continually reviewing funding providers to bring you choice, competitive rates and flexibility allowing you to access the right finance, at the right time.

Dedicated Account Managers

Most importantly, we are passionate about what we do. This is evident in our enthusiasm and commitment to assisting you at each stage and after you have secured your finance.

Transparency

No upfront broker fees

Funding Options

Access to over 75 market leading lenders

Supporting growth

Funding for almost any purpose

Why use The Funding Store?

Same day decision

If you need immediate access to finance our team will work to your brief, providing a same day decision and finance in your account in as little as 4 hours.

We have good relationships with some of the UK’s leading finance providers, to secure competitive rates for your business. Contact us to discuss your requirements.

We don’t use a scattergun approach. Understanding your finance needs allows us to approach the right lenders, which means you will not be hit by multiple credit searches, impacting your score.

We don’t charge for searching for your finance. We only earn if you choose a finance package that you are happy with, therefore our sole focus is finding finance that meets your needs.

We are happy to talk to everyone involved, including your accountant, IFA or solicitor to make sure we are all working together, or to request information, taking the hassle off your shoulders.

We boost our clients to get more sales

We Build Relationships

We are continually reviewing funding providers to bring you choice, competitive rates and flexibility allowing you to access the right finance, at the right time.

Dedicated Account Managers

Most importantly, we are passionate about what we do. This is evident in our enthusiasm and commitment to assisting you at each stage and after you have secured your finance.

Transparency

No upfront broker fees

Funding Options

Access to over 75 market leading lenders

Supporting growth

Funding for almost any purpose

Get an instant quote
Apply now

By submitting this form you agree with the terms and conditions provided and acknowledge that you have read, and agree to proceed, with our standard terms of business and privacy policy – https://thefundingstore.co.uk/privacy/

Recovery loan scheme made simple

Whether you need to buy new equipment, take on new staff or just for cashflow purposes, we can help you at every step.

Based in Milton Keynes, our team are fast moving and the application process is simple and fast. We will talk you through the process to find finance that meets your needs.

We can offer you a same day decision and in some cases, depending on the loan provider selected, can have your finance in your account the same day as your application.

Get an instant quote
Apply now

By submitting this form you agree with the terms and conditions provided and acknowledge that you have read, and agree to proceed, with our standard terms of business and privacy policy – https://thefundingstore.co.uk/privacy/

Recovery loan scheme made simple

Whether you need to buy new equipment, take on new staff or just for cashflow purposes, we can help you at every step.

Based in Milton Keynes, our team are fast moving and the application process is simple and fast. We will talk you through the process to find finance that meets your needs.

We can offer you a same day decision and in some cases, depending on the loan provider selected, can have your finance in your account the same day as your application.