At the end of March, the Business Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) all came to an end.
The 3 Government loan schemes were created to support all businesses during the Coronavirus pandemic and have delivered over £76.3 billion of funding. However, as the lockdown slowly lifts the Government have decided to amalgamate all 3 of the COVID loan initiatives into 1 single scheme. This new scheme, which was launched on 6th April 2021, is called the Recovery Loan Scheme (RLS).
The RLS will support any type of business that needs funding from as little as £1,000 up to £10 million. This initiative will provide finance for any legitimate business purpose including boosting cashflow, capital expenditure and fulfilling growth plans.
Any business looking to apply will have to demonstrate:
- They have a sustainable business
- They have been impacted by Coronavirus
- They are not undergoing any insolvency proceedings
Enquiries can be received from any type of business across all sector types, even if they have previously received support from 1 of the 3 original COVID loan schemes. If you would like to find out more, please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.