The government-backed Recovery Loan Scheme will be ending in June 2022. If you wish to apply for this funding then don’t delay Contact us today!
Weston Financial have a broad & ever-increasing panel of lenders able to offer Unsecured finance to UK businesses. Products available include standard unsecured loans, revolving credit facilities, merchant cash advances and more.
We are also delighted to confirm that we have multiple British Business Bank-accredited lenders able to offer the government-backed Recovery Loan Scheme. The recovery loan scheme is looking to help businesses recover from the pandemic but is only available until the end of June 2022.
Key features of the Recovery Loan Scheme are as follows-
- Personal Guarantees will not be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.
- Businesses who have taken a CBILS, CLBILS or BBLS facility are eligible to access the scheme.
- Businesses can apply funds obtained under the scheme for any legitimate business purpose (including cash flow management, growth and investment);
- A variety of facilities are available with term loan facilities, overdraft facilities and asset and invoice finance products being made available under this scheme. The facility limits differ depending on the type of product applied for, however, this ranges from £25,001 (Term Loan & Overdraft facilities) or from £1,000 for Invoice & Asset Finance products.
- Term Loan and Asset Finance facilities will be available up to a 6-year term, whilst Overdrafts and Invoice Finance lines will be available for up to 3 years.
The eligibility that the business needs to show is –
- Not loss-making for two or more consecutive years
- 6 months affordability to be demonstrated in the business bank statements
- Minimum turnover of £100k