**Recovery Loan Scheme** – Learn more Recovery Loan Scheme (RLS) The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic. RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme. A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so. The Scheme will run until 31 December 2021, subject to review. Scheme features include Up to £10m facility per business: The maximum amount of a facility provided under the scheme is £10m per business (maximum £30m per group). Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. Term length: Term loans and asset finance facilities are available from three months, for up to six years, with overdrafts and invoice finance available from three months, for up to three years. Interest and fees to be paid by the borrower from the outset: Businesses are required to meet the costs of interest payments and any fees associated with the RLS facility. Access to multiple Covid-19 schemes: Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS. Personal Guarantees: Personal guarantees are not permitted for facilities of £250,000 or less. Above £250,000 the maximum amount that can be covered under RLS is capped at a maximum of 20% of the outstanding balance of the RLS facility after the proceeds of business assets have been applied. No personal guarantees can be held over Principal Private Residences. Guarantee to the Lender: The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt. Eligibility Criteria Covid-19 impact: The borrower must confirm to the lender that it has been impacted by Covid-19. UK-based: The borrower must be carrying out trading activity in the UK. Viability test: The lender will consider that the borrower has a viable business proposition but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19. Credit and fraud checks for all applicants: Lenders will be required to undertake credit and fraud checks for all applicants. The checks and approach may vary between lenders. Turnover limit*: There is no turnover restriction for businesses accessing the scheme. Please note: The following are not eligible under RLS: Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers) Public sector bodies. State funded primary and secondary schools. How to apply We are now accepting applications for loans, which will only be provided alongside our flexible Asset Based Lending facilities, helping new and existing clients invest in future growth and opportunities post pandemic. IGF typically support clients with a turnover equal to or greater than £1m and /or borrowing requirements equal or greater than £500k. If, following the above statement, you have answered YES to All of the eligibility criteria, please download and complete the RLS enquiry form here. Once complete please send to RLS.Enquiry@igfgroup.com with your company name as the subject title, accompanied by: You will need to provide certain documents when you apply for an RLS-backed facility. These are likely to include: Prior Year End annual Accounts Up to date Management Information A Business Plan, including forecast trading financials. Details of Assets, to include an up to date summary sales ledger, aged by invoice date *IGF typically support clients with a turnover equal to or greater than £1m and /or borrowing requirements equal or greater than £500k. Business Finance Support The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services. The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme Contact us today on 0800 051 8397 to find out more about how our asset-based lending solutions can help you grow your business GET IN TOUCH MEET THE TEAM CONTACT hello@igfgroup.com 0800 051 8397 GET IN TOUCH LOCATIONS London 20 Farringdon Street London EC4A 4AB Manchester Suite 208, 2nd Floor Centurion House 129 Deansgate Manchester M3 3WR Birmingham Office 211, 2nd Floor Cornwall Buildings 45 Newhall Street Birmingham B3 3QR Operational Centre Kingsgate High Street Redhill RH1 1SG WHO ARE WE About us Team News CLIENT CENTRE Login Code of Conduct Complaints procedure Feedback WHO WE WORK WITH OUR CLIENTS OTHER Coronavirus Recovery Loan Scheme (RLS) Transatlantic Partners ©2021 Independent Growth Finance Ltd. Registered no. 10077673. 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