Recovery Loan Scheme

The third phase of the Recovery Loan Scheme, known as RLS 3.0, represents the latest government-backed initiative aimed at revitalizing struggling UK businesses. Building on the success of its predecessors, this iteration continues to offer vital support to companies as they navigate their financial rebound. This is a government loan scheme which is made available to businesses owners via various lenders. Phoenix has tie up with lenders who deal in RLS.

Under the UK government-backed Recovery Loan Scheme, businesses can apply for loans ranging from £25,000 to £10 million, injecting much-needed capital to fortify their operations. With the government guaranteeing 80% of the finance to lenders, these loans remain accessible and affordable, particularly for SMEs.

RLS 3.0 serves as a lifeline for SMEs seeking financial recovery avenues. The scheme presents a range of funding options, including term loans, overdrafts, invoice finance, and asset finance facilities, granting businesses the flexibility to select the most suitable path to recovery.

UK businesses impacted by the economic downturn can seek assistance through RLS 3.0 by demonstrating their adverse effects. Although specific limitations exist, this inclusive strategy signifies the potential for the scheme to aid numerous businesses.