What is the Recovery Loan Scheme and how can it help your business grow?

Independent small business reopening in Ipswich after Covid-19

Discover what business loans and financial support may be able to help your business if it's been affected during the pandemic. - Credit: Getty Images/iStockphoto

How to find the financial solutions you need to save money, start your own business and expand.

Richard Ward, director of Grange Business Finance in Ipswich, tells us more about the Recovery Loan Scheme and how it's helping local businesses get back on their feet.

Q: What is the Recovery Loan Scheme?

A: The Recovery Loan Scheme (RLS) is a government-backed loan that was launched on April 6, 2021, to help UK businesses that Covid-19 has affected. Companies can apply for a loan of up to £10 million to help improve cash flow and provide them with some much-needed financial support. The loan has now taken over from other previous schemes like the Bounce Back Loan and Covid Business Interruption Loan Scheme.

Richard Ward, director of Grange Business Finance in Ipswich.

Richard Ward, director and commercial finance broker at Grange Business Finance in Ipswich. - Credit: Grange Business Finance

Q: How can the Recovery Loan Scheme benefit local businesses?

A: It’s ideal for local firms that may have needed to close or cut staff during the pandemic. You can use the loan to help fund re-opening costs, buy equipment, hire the help that you need, or even set up online services that can be vital for helping your business to grow. You can borrow up to 25 per cent of your annual turnover and loans up to £250,000 don't require a personal guarantee. 

Now more than ever we need to support our local companies. They help provide jobs for families, bring income into the town, and help our community to thrive. Using my in-depth knowledge of the lending industry and the local area, I can help business owners find the bespoke financial solutions they need to put their minds at ease.

Q: Who can apply for the RLS?

A: Anyone whose business has been affected by the coronavirus, that's been trading in the UK for at least two years. You’re also eligible even if you’ve applied for previous business loans or other Covid-19 finance schemes, though it may reduce the amount you’re able to borrow.

Q: How can I apply for the Recovery Loan Scheme?

Financial support for local Suffolk businesses from Grange Business Finance in Ipswich.

It's been a tough year for many local businesses, which is why exploring your financial options may help to alleviate the stress. - Credit: Getty Images/iStockphoto

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A: To apply you’ll first need to find an RLS accredited lender. We work with over 100 specialist commercial lenders and will help you through every step of the process, to explore all the funding options available to you and help you find the right one.

You’ll then need to provide evidence of how your business has been impacted during the pandemic. We’ll help you gather the necessary information, check your eligibility, ensure you can afford the repayments and help you apply.

Q: Why is it worth seeking professional help before applying for the RLS?

Financial business help and Recovery Loan Scheme information from Grange Business Finance in Ipswich

You can use the RLS to hire the help you need or rent the office space your business requires to grow. - Credit: Getty Images/iStockphoto

A: As a commercial finance broker, we can use our expertise to help you find the financial solutions you need quickly. Lots of business owners may think to approach a bank to get the funding they need, but a bank may not offer a scheme that ticks all the right boxes. There are many lenders in the market that may offer the perfect solution for your business, but with so much choice, it's hard to know where to go.

We dedicate time to getting to know you and understand your business, and believe in going the extra mile for our clients. We provide 5-star service and can recommend the best lender and product for you. You can book a no-obligation initial consultation to discuss your needs in more detail.

Using our services can make it easier to find gain lender approval, get the money you need quicker, and save you time and stress so you can focus on the important things, like running your business.

Visit grangebusinessfinance.co.uk to find out more or to book a consultation.

Call 01473 596988 or email hello@grangebusinessfinance.co.uk.

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