Government Backed Loans

What is a Government Backed Loan?

We work with many funders who are set up to deliver Government-backed funding.

The Bounceback Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) are now closed.

We can help you with the Recovery Loan Scheme (RLS) that is now in place.

Considerations

The Recovery Loan Scheme (‘RLS’) was launched on 6th April 2021 and replaces the previous available coronavirus support schemes – namely Bounce Back Loan Scheme (‘BBLS’), Coronavirus Business Interruption Loan Scheme (‘CBILS’) and Coronavirus Large Business Interruption Loan Scheme (‘CLBILS’).

It is planned that the RLS will run until 31st December 2021, but this is subject to review.

The RLS is designed to provide UK businesses with financial support as they recover and grow following the coronavirus pandemic. There is no turnover restriction for businesses looking to access this facility. The maximum amount of a facility provided under the scheme is £10 million per business (or £30 million for a Group of businesses). The minimum facility size varies depending on the type of facility. For Asset and Invoice finance, the minimum amount is £1,000. For Overdraft and Term Loans, the minimum amount is £25,001.

There are certain restrictions on ineligible sectors; state funding restrictions and self-certification on items such as your business not being in financial difficulty.

If you would like to read more about these facilities and their criteria, please visit the British Business Bank: https://www.british-business-bank.co.uk/finance-options/.

If you have read the information available and have checked that you are eligible and would like our help in applying for this type of funding, please get in touch here.

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Funding Friends is a trading style of Funding Friends Ltd, registered in England No. 12693505

Funding Friends Ltd is authorised and regulated by the FCA No. 935775

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Funding Friends operates as a commercial finance broker and is not a lender. Any finance or products arranged through Funding Friends is entered into entirely at your choice and is at your risk, and you are advised to consult qualified professionals outside of Funding Friends to make the right decision for your needs and circumstances. Your property or other assets may be repossessed if you do not keep up repayments on any debt secured against it. Funding Friends may receive a commission or finder’s fee for effecting introductions to lenders or third parties.