The UK Government put in place a range of measures to assist businesses and most of these are now complete
Two New Loan Schemes were put in place
On the 6 April 2021, the Recovery Loan Scheme (RLS) replaced CBILS scheme, and like its predecessor is a government backed scheme, but lenders now have the discretion of whether to take personal guarantees. CBILS only had personal guarantees on loans over £250k. Like CBILS this scheme is not suitable for businesses that are pre Revenue or cannot demonstrate ability to repay the loan despite the government backing
Access to RLS is through your banking provider and they will expect a short business plan covering a minimum 12 month period and will look for evidence that the business will generate sufficient profits to enable the loans to be repaid.
Two New Loan Schemes were put in place
- Bounce Back Loan Scheme (BBLS)
- Coronavirus Business Interruption Loan Scheme (CBILS)
On the 6 April 2021, the Recovery Loan Scheme (RLS) replaced CBILS scheme, and like its predecessor is a government backed scheme, but lenders now have the discretion of whether to take personal guarantees. CBILS only had personal guarantees on loans over £250k. Like CBILS this scheme is not suitable for businesses that are pre Revenue or cannot demonstrate ability to repay the loan despite the government backing
Access to RLS is through your banking provider and they will expect a short business plan covering a minimum 12 month period and will look for evidence that the business will generate sufficient profits to enable the loans to be repaid.