The UK government announced an extension to the Recovery Loan Scheme (RLS). The newest iteration of RLS will open for applications in August 2022.
The maximum loan size remains at up to £2m. However, recognising that businesses (and the UK more generally) are now in a better position than during the pandemic, lenders may now require a personal guarantee from the borrower, in line with standard commercial practice. Further details on RLS can be found here
RLS is a government scheme, facilitated by the government-owned British Business Bank and delivered through their partners. It is aimed at supporting access to finance for UK businesses and gives lenders a government-backed guarantee against the outstanding balance of the facility. Email the British Business Bank team with any queries.