The Recovery Loan Scheme supports businesses with access to loans, overdrafts, invoice finance and asset finance facilities worth up to £10m and with repayment terms of up to six years.
Funding is available to support businesses experiencing liquidity constraints as a result of COVID-19 and borrowers will be required to evidence how funding packages will specifically be deployed to manage cashflow pressures.
The British Business Bank operates the schemes via its accredited lenders. Across the Recovery Loan Scheme and previous initiatives including CILS and CLBILS, there are over 40 accredited lenders working to provide finance and they include high-street banks, challenger banks, asset-based lenders and smaller specialist local lenders.
Spectrum is aware of non-accredited lenders that are currently considering accessing the scheme to support clients and thus we encourage businesses to check the current list on the British Business Bank website regularly.
Firms backed by private equity are able to be supported through both RLS on a standalone basis.
Lenders, both accredited and non-accredited, are receiving a high volume of enquiries relating to accessing funding support and most have formulated house strategies in response to the rapid rise in funding needs. Businesses are able to access funds by approaching lenders directly and can find detailed information including frequently asked questions here.
To further assist in accessing funding our Debt Advisory team can work with you to secure the additional capital needed to navigate your business through this period.
For more information please contact a member of the Spectrum Debt Advisory team, alternatively email CBILS@spectrumcf.co.uk and we will be in contact to arrange a convenient time to discuss your particular circumstances.