In the ever-shifting landscape of small medium enterprise businesses (SMEs), securing the right financial support can truly make a difference, helping shift the odds of success in your favour. With more than a decade of experience in B2B finance, we at Pataya Financial Management Services have been steadfastly supporting small businesses like yours. We understand the hurdles you face, and that’s why we’re here to simplify the Recovery Loan Scheme (RLS) which is a lifeline designed to bolster your business during these challenging times.
Let’s make sense of the Recovery Loan Scheme. How does it work?
The Recovery Loan Scheme is a government-backed initiative that embodies the commitment to fuel the growth and investment aspirations of small and medium-sized UK businesses.
The Recovery Loan Scheme aims to offer essential financial access, empowering businesses to flourish by providing funding for a range of legitimate purposes, whether it’s for working capital or making strategic investments.
Good To Know Key Elements and Eligibility
As your dedicated business finance partner,pataya Management is here to break down the essentials of the Recovery Loan Scheme.
The Business Recovery Loan core features explained in a simple to understand format, which after all is what most business owners want. What is it? How does it work? What does it cost?
- Loan Potentials: Pure has an excellent list of accredited lenders. We can secure loans for your business from £25,000 to £2,000,000.
- Government Assurance: The government stands behind 70% of the finance extended to your business by the funder. This assurance empowers lenders to provide your business with the necessary funds under the shelter of the scheme enabling them to lend more freely.
- Flexible Terms: The Recovery Loan Scheme (RLS) is designed to offer funding with loan terms of 2 years through to 6 years at market competitive rates of interest.
- Access to multiple schemes: Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or RLS facility before 30 June 2022 are not prevented from accessing the current Recovery Loan Scheme, but in some instances borrowing under these schemes may reduce the maximum amount the borrower is eligible for if a new Recovery Loan application is made.
- Pricing: Interest rates and fees charged by lenders will vary and will depend on the specific lending proposal. The lender’s pricing will take into account the benefit of the Government guarantee;
- Eligibility Check: To be eligible for the Recovery Loan Scheme, your business should be actively trading in the UK for at least two years, have a turnover of 45 million or less, and demonstrate viability and non-difficulty.
- Excluded Segments: While businesses from a multitude of sectors can apply, some entities such as banks, public sector bodies, and state-funded schools are not eligible for this scheme.
- Personal Guarantees: Personal guarantees can be taken at the lender’s discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.
Applying for a Recovery Loan Viapataya Management
Pataya Financial Management Servicess sole aim is to make applying for a Recovery Loan as simple and fast as possible. Pure is here to help your business navigate the journey from application to funds in your business bank account allowing you to get on with your job of running your business. Our seasoned account managers are devoted to providing you with a seamless experience. Here’s how we can assist:
- Swift Decisions: We understand the urgency of your financial needs. Our streamlined process enables us to provide a decision in as little as 1 hour.
- Tailored Solutions: With terms spanning from 2 to 6 years and no early settlement fees, our offerings are designed to align precisely with your business goals.
- Expert Insight: Our dedicated account managers are here to guide you through the process, ensuring informed decisions that resonate with your business’s unique needs.
Pataya Financial Management Services helping Pioneer a Prosperous Future
Atpataya Management, we are dedicated to your business’s prosperity and aim to provide the best funding options available to you. As the landscape continues to evolve, we’re here as your reliable business finance partner, equipping you with the tools you need not only to adapt but also to thrive.
Reach out to us today, and let’s pave the way for your business’s success through the Recovery Loan Scheme.
