Life after CBILS: The Recovery Loan Scheme

15th April 2021

The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this.

 

The Recovery Loan Scheme

– Government backed loans, 3 months – up to 6 years depending on the product
– Up to £10m, no cap on 25% turnover (starting from £25k for term loans & overdrafts, and £1k for asset & invoice finance)
– Up to £250k without a personal guarantee
– Ability to take out an RLS alongside existing support (Bounce Back Loans and CBILS)

 

As with other Covid support the business must have been affected by Covid and also must be viable.

 

What is key to note is this does not include 12 months repayment holiday as the CBILS did.

 

Per the British Business Bank, these can be used for any legitimate business purpose, including:

– managing cash flow
– investment
– growth

 

As with all finance you must ensure you are able to afford the repayments.

 

We’ll be working with Capitalise to assist clients with applications. Should you be interested in applying for a Recovery Loan or need some finance support, speak to your local Whiting & Partners office.

 

Disclaimer - All information in this post was correct at time of writing.
Other Blogs
Paul Jefferson
18th April 2024 Beware of VAT refund fraud

Beware of VAT refund fraud!   We have become aware of several recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been fraudulently diverted to a third party.   It seems that HMRC have been acting on the basis of a fraudulent…

Andrew Band
17th April 2024 Whitings 2024 Annual Farming Seminar

Our Whitings 2024 Annual Farming Seminar is just around the corner.   Farming always has to cope with changing environment, weather, commodity prices, political changes, etc. This year these challenges feel heightened and this is why we are pleased to welcome back speakers from the Andersons Centre to inform us of these changes and what…

Amanda Newman
17th April 2024 Buy To Let through a Limited Company

There continues to be an ongoing debate when buying a residential property to let out about whether to buy this personally or set up a limited company to own it. Unlike our sole trader v limited company comparisons for a trading business there is not a clear division based on profits. There are a lot…

Nick Edgley
11th April 2024 Do you need to re-register for Child Benefits?

If you’ve heard about the changes post 5 April 2024 and are wondering whether you need to re-register for Child Benefits, this is the blog post for you.   If you have been affected by the increase in the High Income Child Benefit Charge cap to £60,000, then you may need to restart your Child…

Peter Brown
10th April 2024 Pension Contributions for directors

Are you thinking about planning ahead for retirement and want to find out more about Pension Contributions for directors?   When it comes to planning for your retirement, Company pension contributions can offer significant benefits in terms of reducing your company’s Corporation Tax bill. Here’s how you can use both personal and company contributions to…

Angelica Ferentinos
9th April 2024 Child Benefit changes – What you need to know

The new Child Benefit changes came into effect on 6 April 2024, with families receiving up to £1,331 per year (for the first or only child), and up to £881 per additional child, increasing by £83.20 and £54.60 respectively on the year before. This is paid directly into your bank account every 4 weeks. There…