The Recovery Loan Scheme (RLS) will be relaunched during August 2022 in order to offer continued support to small businesses following COVID.
The RLS first launched in April 2021 and ran until 31 December 2021.
In the Autumn Budget of 2021 the government extended the scheme by six months to 30 June 2022 and adjusted the terms. The government guarantees 80% for loans made before 1st January 2022 and 70% for loans made after. Borrowers remain 100% liable for the debt.
To date, over £4.5 billion has been paid out through the RLS to smaller UK businesses.
The relaunched RLS will offer up to £2 million for borrowers outside the scope of the Northern Ireland Protocol, and up to £1 million for those in-scope.
The scheme will be open to businesses with a turnover of up to £45 million.
