RLS is a new government loan scheme that will replace the now closed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).
The borrower will always be responsible for repaying the loan. The government will only repay the loan if the business cannot - up to 80%. The repayments for RLS start from month one.
The decision to lend is at the lenders discretion. Our view, at Capitalise.com, is that lenders will only lend to businesses that have recently shown affordability to support the loan.
The RLS is live on the Capitalise platform via British Business Bank accredited lenders. To start the process speak to your Capitalise Partnership Manager or support team. If you're new to Capitalise, book in a consultation and the team will walk you through the process.
Please be aware that some lenders may request additional information but this list is the minimum we need to be able to determine which lenders are
• Loan amount, purpose, and term
• A short paragraph on the business background and how it has been impacted by Covid-19
• Last 2 full sets of filed accounts
• Last 12 months bank statements (PDF format & no older than 7 days)
• Shareholder & directors details - name, DOB and home address
• Up to date management accounts
• Current debt position of existing loans, facilities etc
Term loans, overdrafts, asset finance, and invoice finance.
Term loans and asset finance facilities are available for up to six years, with overdrafts and invoice finance available for up to three years.
Yes, a Recovery Loan can sit alongside existing government-supported facilities without the need to refinance - if below the maximum facility limit. Anything borrowed under CBILS or CLBILS will count towards a business’ maximum amount.
Yes, subject to meeting the scheme eligibility requirements and provided they do not borrow more than what the business is entitled to.
Eligibility is very similar to CBILS.
Provided other criteria are met, RLS is open to: