Recovery Loan Scheme
In the Budget on March 3rd, 2021, then Chancellor Rishi Sunak announced the Recovery Loan Scheme (RLS) and the program was initially set to run until 31st December 2021. Due to the ongoing need for funding, this deadline was extended.
The latest iteration of RLS, informally known as RLS 3.0 was launched on 1st August 2022 and is available even if you had previously taken advantage of RLS, Coronavirus Business Interruption Loan Scheme CBILS & CLBILS) or Bounce Back Loan Scheme (BBLS)
Lenders must look to support businesses under their standard products first. Failing that, they can use the RLS Government Guarantee to provide additional security to enable them to lend as RLS. To find out more, please call the Team at Origin Finance.
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Frequently Asked Questions
The Recovery Loan Scheme (RLS) marks a significant step in supporting businesses during these challenging times. Introduced by former Chancellor Rishi Sunak in the Budget on March 3rd, 2021, this initiative aims to provide much-needed funding support to businesses looking to bounce back and thrive in the post-pandemic economy.
The latest version of RLS, RLS 3.0, made its debut on August 1st, 2022. This updated iteration promises enhanced features and improved functionality to provide users with a more seamless and efficient experience. With its launch, RLS continues to establish itself as a leading tool in its industry, setting new standards for performance and innovation.
Absolutely! Businesses that have previously utilised schemes like CBILS, CLBILS, or BBLS are still eligible to apply for the Recovery Loan Scheme (RLS). This new scheme provides additional financial support to help businesses recover and grow following the challenges posed by the pandemic. It offers a range of financial products to suit different business needs, making it a valuable option for businesses looking to secure funding for their future growth.
Lenders play a crucial role in supporting businesses, especially during challenging times. By leveraging their standard products to provide initial support, lenders can help businesses thrive. When traditional methods fall short, the RLS Government Guarantee serves as a valuable tool to enhance security for lending under the scheme. This dual approach ensures that businesses receive the necessary financial assistance to navigate uncertainties and achieve sustainable growth.
Discover the key to unlocking financial support for your business through the Recovery Loan Scheme (RLS). Origin Finance's expert team is ready to guide you through the process and help you secure the funding your business needs to thrive. Contact us today to learn more about how Origin Finance RLS service can be your business.
RLS 3.0, the latest iteration of the Recovery Loan Scheme, was launched on 1st August 2022 to provide ongoing financial support to businesses. This version of the scheme is available to businesses that have previously taken advantage of RLS, CBILS, CLBILS, and BBLS, offering continued access to funding with updated terms and conditions.
Yes, businesses that have previously accessed government-backed loan schemes such as CBILS and BBLS are eligible to apply for RLS 3.0. This scheme provides an opportunity for businesses to secure additional financial support or refinance existing debt, building on the support received through previous schemes.
Origin Finance offers a range of finance options under RLS 3.0, including term loans, overdrafts, asset finance, and invoice finance. These flexible funding solutions cater to the diverse needs of businesses seeking financial support to facilitate growth, investment, or working capital requirements.
Our team at Origin Finance is dedicated to providing personalised guidance and support to businesses seeking funding through RLS 3.0. We can help navigate the application process, gather the required documentation, and facilitate a seamless funding experience to expedite access to the financial support needed.
Businesses looking to access funding through RLS 3.0 with Origin Finance must typically meet criteria related to turnover, operational status, and the impact of the COVID-19 pandemic on their operations. Our team can provide detailed guidance on eligibility requirements and assist businesses in determining their suitability for the scheme.
The timeline for receiving funding under RLS 3.0 can vary depending on the specific circumstances of each business and the complexity of the finance arrangement. However, Origin Finance is committed to expediting the funding process to ensure timely access to financial support for businesses in need.
The funding options provided under RLS 3.0 with Origin Finance are designed to cater to a wide range of industry sectors, including but not limited to manufacturing, retail, hospitality, and services. Businesses across various sectors can leverage the support available through the scheme to address their specific financial needs and drive growth.
Origin Finance distinguishes itself by offering a personalised approach to supporting businesses under RLS 3.0, tailoring finance solutions to meet the unique requirements and objectives of each client. Our team's expertise, industry knowledge, and commitment to client satisfaction set us apart as a preferred partner for businesses seeking financial support.