RECOVERY LOAN SCHEME EXTENDED TO JUNE 2022

The Recovery Loan Scheme (RLS) supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. Currently, the government guarantees 80% of the finance to the lender (although the borrower is always 100% liable for the debt) and this gives the funder comfort to lend where they would be unable to under their standard commercial terms. The Chancellor announced in the Autumn Budget 2021, that the Recovery Loan Scheme would be extended until June 2022.

Under RLS, no personal guarantees are taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security. Finance is available for agreements with a maximum term of six years.

This extension of The Recovery Loan Scheme means that you can rest assured that there is an appetite in the market to lend, even if your 2020/2021 accounts are not as strong as they were pre-Covid. So if you need to upgrade a vehicle, add to the fleet due to a new contract, purchase garage equipment, or have any other asset finance requirement, please do not hesitate to contact Stoke Park Finance Limited on 0141 639 1410.

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