How to find the financial solutions you need to save money, start your own business, and grow.
Richard Ward, director of Grange Business Finance in Ipswich, tells us more about the Recovery Loan Scheme and how it is helping local businesses get back on their feet.
Q: What is the payback loan program?
A: The Recovery Loan Scheme (RLS) is a government-backed loan that was launched on April 6, 2021 to help UK businesses affected by Covid-19. Businesses can apply for a loan of up to £ 10million to improve their cash flow and provide much needed financial support. The loan has now taken over from other previous programs like the Bounce Back Loan and the Covid Business Interruption Loan program.
Q: How can the payback loan program benefit local businesses?
A: This is ideal for local businesses that may have had to shut down or downsize their staff during the pandemic. You can use the loan to fund reopening costs, buy equipment, hire the help you need, or even set up online services that can be essential in helping your business grow. You can borrow up to 25% of your annual turnover and loans up to £ 250,000 do not require a personal guarantee.
More than ever, we need to support our local businesses. They help provide jobs for families, bring income to the city, and help our community thrive. With my in-depth knowledge of the loan industry and the region, I can help business owners find the tailored financial solutions they need for reassurance.
Q: Who can apply for the RLS?
A: Anyone whose business has been affected by the coronavirus, who has been doing business in the UK for at least two years. You are also eligible even if you have previously applied for commercial loans or other Covid-19 financing programs, although this may reduce the amount you can borrow.
Q: How do I apply for the payback loan program?
A: To apply, you must first find an RLS accredited lender. We work with over 100 specialist commercial lenders and will help you every step of the way, to explore all of the financing options available to you and help you find the right one.
You will then need to provide evidence of how your business was affected during the pandemic. We’ll help you gather the information you need, verify your eligibility, make sure you can afford the refunds, and help you apply.
Q: Why is it worth seeking professional help before applying to RLS?
A: As a commercial finance broker, we can use our expertise to help you quickly find the financial solutions you need. Many business owners may think of going to a bank for the financing they need, but a bank may not have a program that ticks all the right boxes. There are many lenders out there who can offer the perfect solution for your business, but with so many choices, it’s hard to know where to go.
We spend time getting to know you and your business, and we believe in going the extra mile for our customers. We provide 5 star service and can recommend the best lender and product to you. You can book a no-obligation first consultation to discuss your needs in more detail.
Using our services can make it easier to get approved from a lender, get the money you need faster, and save you time and stress so you can focus on the important things. like running your business.
Visit grangebusinessfinance.co.uk to find out more or to book a consultation.
Call 01473 596988 or send an email to [email protected]