Recovery Loan Scheme – don’t miss out!

The Recovery Loan Scheme (RLS) was announced by Rishi Sunak as part of the last Budget. Set to run until 31st December 2021, this replaces Coronavirus Business Interruption Loans (CBILS) and Bounce Back Loans (BBLS) which both ended on the 31st March 2021. Though there is still time left on the clock, this is running out fast!

In reality there are really only two months left to get any application approved for funding under the scheme, which offers a Government backed guarantee. Lenders are likely to run low on allocated funds in that time and are unlikely to recapitalise, and options will reduce.

If your cashflow forecast suggests that you are likely to need additional funding early in the New Year, don’t delay! Speak to your bank or your finance provider sooner rather than later, or you may miss out entirely.

Once this scheme closes, there may be limited alternatives, as lenders become more cautious about lending in a post-pandemic landscape where businesses are under pressure from inflation, increasing costs and possibly supply chain issues too.

It’s a bleak picture, but one that a little preparation may help you avoid.

If you don’t have a cash flow forecast, and therefore little idea of how your finances may look towards the end of this year, let alone next, do get in touch and we can help you create one. It’s not as difficult as you may think, and if you’re using Xero, Quickbooks or another cloud system, it’s really simpler and probably free to access too!

 

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