DSL is pleased to be an accredited lender of the British Business Bank to deliver the Recovery Loan Scheme to SMEs in Scotland.
The Recovery Loan Scheme (RLS) was launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
RLS aims to help businesses affected by Covid-19 and can be used for any business purpose, including working capital, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they must do so.
At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will
be extended by six months to 30 June 2022, with changes applying to all offers made from the 01 January 2022.
As an alternative finance provider, DSL will provide the Recovery Loan Scheme with the following features:
Depending upon the legal status of your business, DSL requires the following documents to be submitted along with your RLS application form. Application packs are available at the bottom of this page.
Paperwork required from Sole Traders & Partnerships
Paperwork required from Ltd Companies & LLP’s
Please note, the following are not eligible under RLS:
Business Finance Support
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services. For more information, visit : https://www.british-business-bank.co.uk/finance-hub/
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme
An example for Illustrative purposes:
Annual Interest Rate (fixed) is 9.95% p.a. (11.3% APR) based on borrowing £50,000 and repaying over 5 years in 60 monthly repayments of £1,061.12 each with total amount payable of £64,667.41.
The loan calculator is designed to help you work out what your total and monthly repayments will be, depending on the loan term and amount you choose. Under the Recovery Loan Scheme, we offer loans from £25,001 to £75,000 at a fixed interest rate of 9.95% per annum (11.3% APR) and you can choose a loan repayment term of up to five years. The APR remains the same for the loan amount and duration.
Get in touch to find out more.
All applicants are assigned a Loan Officer throughout the process and receive face-to-face, pre and post loan drawdown support. Our friendly team are here to advise and support you every step of the way.
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CEIS’s mission is to tackle inequality, strengthen communities and improve the performance and impact of businesses which contribute to our society. For more information, please visit their website.