However, it's not all bad news for firms looking to raise affordable finance and meet their contractual obligations. The CBILS and other pandemic support programmes may have closed, but they have been replaced by the Recovery Loan Scheme (RLS).
Key features of the Recovery Loan Scheme are:
Businesses can borrow up to £10m.
No personal guarantee required on arrangements under £250k.
Finance terms of between three months and six years.
Scheme includes term loans, overdrafts and invoice finance.
A business can apply for RLS finance even if it's already taken funds under the Bounce Back Loan Scheme (BBLS) or the CBILS arrangement.
How you could put the Recovery Loan Scheme to work in your business
With the CBILS end date now firmly in the past, and the economy starting to move back to something like normality, this is a good time to consider the benefits of the Recovery Loan Scheme for your business.
As the name implies, this finance is designed to help businesses like yours to build back to where they would have been, had the pandemic not hit so hard. CBILS helped many firms avoid insolvency and closure, while RLS is all about building foundations for future growth.
With RLS funding you could:
Develop a marketing strategy to increase market share.
Invest in innovation.
Train your staff, particularly those coming off furlough.
Secure your working capital position.
The Recovery Loan Scheme could present a valuable investment opportunity for your business. However, we recommend that you take professional advice before entering into any arrangement.
Speak to us before taking RLS finance
We work closely with banks and other finance providers, many of whom are providing the RLS funds. Our team have extensive experience in helping business owners find the finance that's best suited to their particular situation.
Every business is in a slightly different position, with regard to its assets and liabilities, profitability and potential. We help match your circumstances with a finance provider well suited to serve you. While every business is different, we've worked with others in a similar situation to your own, helping them to find a solution that satisfies.
Whatever your borrowing needs, and whatever your credit record and future plans, we'll help you find a way forward.
Join the many growing businesses that have taken advantage of our services as a finance broker. Get in touch with us today.
As a founder of multiple businesses, Jamie believes that mindset, discipline and ambition are key drivers for success, both for his businesses and for his clients.
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The first steps towards the funding your business deserves
Disclaimer: JD Capital Finance (Registered office -First Floor, Steeple House, Church Lane, Chelmsford, England, CM1 1NH, Registered Number 10128297) helps UK firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. JD Capital Finance can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. JD Capital Finance may receive a commission or finder’s fee for effecting such introductions.