UKFT Coronavirus Guidance: Recovery Loan Scheme (RLS) launches
A new government-backed loan scheme has launched today to provide additional finance to businesses across the UK as they recover and grow following the coronavirus pandemic.
You can apply to the scheme if Covid-19 has affected your business. You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, you must be able to afford to take out additional debt finance for these purposes.
RLS is available if your business has already borrowed from any of the other coronavirus loan schemes although the amount you have borrowed under an existing scheme may in certain circumstances limit the amount you may borrow under RLS.
The schemes in question are:
- The Bounce Back Loan Scheme (BBLS)
- The Coronavirus Business Interruption Loan Scheme (CBILS)
- The Coronavirus Large Business Interruption Loan Scheme (CLBILS)
RLS will run until 31 December 2021, subject to review.
Find out more here.
UKFT is in constant dialogue with the government and is outlining the latest support available for UK fashion and textile businesses here. We will update this page as new guidance becomes available or the situation changes.