Did you already know about this in the Recovery Loan Scheme? Here’s the RLS 2022 Update!
The Recovery Loan Scheme (RLS), launched back in April 2021, has provided financial support to businesses across the UK that have been affected by the coronavirus pandemic.
At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022, with the following changes applying from 1 January 2022:
- The scheme will only be open to businesses with a turnover not exceeding £45m per annum
- The maximum amount of finance available will be £2 million per business (maximum amount per Group limited to £6m)
- The guarantee coverage that the government will provide to lenders will be reduced to 70%
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