RLS has anyone applied?

[Era]

Hi,

I was wondering if anyone has applied for the Recovery Loan Scheme?
I was interested in applying but didn’t know if other company had been successful in their applications or what sort of documentation did they ask for.
It should be a 80% Government backed loan, similarly to the Bounce Back Loan.
However the interest rate is not as attracting at the BBL- as it is at the bank’s discretion.

My company hasn’t done very well during 2020 due to the pandemic, as the majority of the small businesses.

Can anyone share their experiences?
Thank you very much.

 

[Mark T Jones]

Not many applications will have gone through yet.

In fact the lender panel is still quite small, which will impact availability.

It's far closer to CBILS than BBL - The lender needs to be confident that:

1. You had a viable business prior to lockdown
2. The significant factor affecting profitability was pandemic/lockdown
3. You have a coherent recovery plan.

This will of course be interpreted differently by different lenders

 

[The Soup Dragon]

I had Funding Circle on the phone this week asking me if I wanted to apply for an RLS. They said interest rate would be between 4 and 12%