RLS 3.0
The new iteration of the Recovery Loan Scheme (RLS) launched in August 2022 and is designed to support access to finance for UK small businesses as they look to invest and grow.
RLS 3.0 is a government backed scheme which carries the assurance that in the event of a business failing to meet its loan obligations, the lender can recover 70% of the remaining loan amount from the government.
This assurance instils lenders with the trust and certainty they need to extend loans to businesses, even those which previously may have been declined.
It's important to note that as the borrower, you remain fully responsible for 100% of the debt.
You could be eligible for the Recovery Loan Scheme if you:
- Have a turnover of less than £45 million
- Are trading in the UK
- Are not a business in difficulty, including not being in relevant insolvency proceedings.