Let’s Do Business Finance to deliver the Recovery Loan Scheme for another year
The Recovery Loan Scheme, initially launched in April 2021, has been extended again and enables Let’s Do Business Finance to provide support to more UK businesses as they recover and grow from the impact of the COVID19 pandemic and cost of living crisis.
The scheme, administered by the British Business Bank and delivered by Business Support Partners across the UK, was created as the predecessor to the Coronavirus Business Interruption Loan Scheme (CBILs) to enable businesses to survive and grow amidst an unforeseen economic climate. As of Autumn 2022, the scheme had approved more than £1bn in business finance to small and medium sized enterprises in the UK, and this number is only expected to grow.
Let’s Do Business Finance has been an official Business Support Partner of the Recovery Loan Scheme since its inception in April 2021, following the conclusion of the earlier Coronavirus Business Interruption Scheme. Providing loans from £25k to £150k, Let’s Do Business Finance have been able to offer an alternative to traditional high street banks, and support numerous businesses in the South East and East of England with their operations through the scheme.
“The (RLS) scheme that Let’s Do Business had in place was a good fit for us – at that stage of the business, a lot of finance providers wanted certain security or assets on the balance sheet, but as we’ve always tried to be quite an asset-light business, that made us unsuitable for most lenders to take us on”
Originally intended to run until the end of 2022, the extension of the scheme to 2024 is welcome news for businesses to attain much needed finance as they adjust to ongoing economic challenges.
By being able to continue delivering the scheme with the British Business Bank until the summer of 2024, Let’s Do Business Finance are looking forward to connecting even more businesses with the opportunity to grow and invest in their future.
“We’re delighted to not only have our accreditation extended but our credit limit to be increased too. This will enable us to help even more businesses deliver their growth plans as we all strive to move on from the pandemic and other economic shocks of the past 3 years.”
Find out more about the Recovery Loan Scheme from Business Support Partner Let’s Do Business Finance
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
