Business Enterprise Fund is a delivery partner for Recovery Loan Scheme (RLS) – supporting eligible businesses across the UK with Recovery loans from £25,001 to £250,000. Apply for a loan.
RLS launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so. The Scheme will run until 31 December 2021, subject to review.
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 and 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 www.british-businessbank.co.uk/recovery-loan-scheme.
For early resettlement fees, please refer to Section (6) Repayments of our Terms of Engagement.
The key scheme features include:
Please note: The following are not eligible under RLS:
You will need to provide certain documents when you apply for an RLS backed facility. These include:
Decision-making on whether a business is eligible for RLS is fully delegated to the British Business Bank’s accredited RLS lenders.
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
Fixed or variable rate finance available for up to 100% of your funding requirement.
Impersonal letters and automated telephone services are not our style, all clients are connected with a member of our team.
Each client is recognised as an individual and their business is assessed in the same way.
Loans available to all sectors that are designed to meet the needs of each client.
Various repayment options available.
This is where you explain the nuts and bolts of your business. Questions are straight forward and designed to help us understand your need.
We don’t rely on computer generated decisions! At this point you may be asked to shed light on some further details; your own Investment Manager will be in touch.
If your application is successful it’s go time! We’ll transfer funds to your account and you can put them to use right away. If you’re unsuccessful we endeavour to provide feedback and guidance to help you in going forward.
"Thanks to the loan, we’re now able to implement our growth plan."
"The support from BEF has enabled us to revamp the deli and maintain our outstanding reputation. Mark and the team were so friendly and helped us through the process every step of the way."
"Throughout our journey so far, we have turned to BEF first for our funding requirements."