Newable opens for the Recovery Loan Scheme
Newable Business Loans is now open to offer UK SMEs loans through the Government Recovery Loan Scheme (RLS).
What is the RLS?
The Recovery Loan Scheme allows UK businesses to recover through access to business finance, giving them the tools to grow following the Covid-19 pandemic.
A government backed scheme; RLS is the successor to the Bounce Back Loan Scheme (BBLS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), and Coronavirus Business Interruption Loan Scheme (CBILS). It is provided by a number of different lenders via different facilities, including termed loans, overdrafts, invoice finance and asset finance.
The scheme opened on 6th April (2021) and is available to businesses affected by the pandemic, including those who have already received funding from other schemes. Although the amount previously borrowed under an existing scheme may in certain circumstances limit the amount businesses may borrow under RLS.
Newable Business Loans offers loans between £25,001 and £250,000, rates from 10% p.a., and terms from 1-3 years. The loans, to UK limited companies, must be secured on residential investment, holiday let or commercial properties and RLS loans do not require a personal guarantee under £250,000.
Uniquely, Newable also works with a panel of other RLS accredited lenders to enable customers to access multiple forms of finance including unsecured loans, invoice finance and commercial mortgages, through one point of contact.
The Recovery Loan Scheme is designed to ensure your business gets the best terms on a loan. However, if we can offer you a commercial loan on better terms, without requiring the guarantee provided by the RLS, then we will do so.
The Recovery Loan Scheme will be available until 31 December 2021, subject to review.
Support for your business
At Newable, we know how hard it’s been for small businesses in recent times, which is why we now want to continue that support by offering secured business loans through the Recovery Loan Scheme.
As a broker and a lender, we have been accredited to provide RLS loans by the British Business Bank. This means we can provide your business with Government-backed secured loans that are designed to help your business get back on its feet.
Even businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme; discover your recovery loan scheme eligibility on the link below.
We can help
We have an experienced team of funding experts who can provide the funds you need, or can broker your requirements to a broad variety of lenders to cater for most industry sectors. We are confident we can get the funds you need approved quickly so you are able to focus on your business.
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cash flow and a list of independent advice services: https://www.british-business-bank.co.uk/finance-hub/
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
THE MORTGAGE PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Business loans are provided by Newable Business Loans Limited. Which is registered in England and Wales. Registration number: 08796862. Newable Business Loans is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register www.fca.org.uk/register FRN 700160. Not all products offered by Newable Business Loans are regulated by the Financial Conduct Authority.
Credit broking services are provided by: Newable Commercial Finance Limited trading as Newable Finance is registered in England and Wales. Registration number: 07474588. Newable Commercial Finance is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register www.fca.org.uk/register FRN 723703 | Data Protection number: Z6663758. Newable Commercial Finance is a finance broker, not a lender. Not all products offered by Newable Commercial Finance are regulated by the Financial Conduct Authority.