Compass Business Finance has been accredited by the British Business Bank to offer the Recovery Loan Scheme (RLS), so enabling it to further support businesses as they recover and grow following the effects of the pandemic.
The RLS scheme is designed to help businesses affected by Covid-19 access funding for managing cashflow, investment and growth, as well as to improve the funding terms on offer. However, if a commercial loan or funding on better terms is available, without requiring the guarantee provided by the RLS, that will be offered.
Offering a number of similar features to the earlier Covid-19 schemes, the RLS also includes other benefits, such as the cap on borrowing extended from £5 million to £10 million per borrower with the amount per group increased to £30 million. Whilst the lower limit for asset and invoice finance has been reduced to £1000, and £25,001 for term loans.
The Recovery Loan Scheme is scheduled to run until 31 December 2021, although this is subject to review. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, subject to affordability.
Compass Business Finance director Jamie Nelson said, ‘Our accreditation under the Recovery Loan Scheme will enable us to provide more businesses with the funding they need to move forward, whether we’re helping them restructure existing debts or providing the funding for much needed investments.
‘We are now better positioned to assist both larger groups of companies who previously only had access to CLBILS and those smaller companies who took Bounce Backs Loans but would benefit from further support.’
