The new Recovery Loan Scheme (RLS) aims to give UK businesses access to funds if they want to get involved and grow. We support loan sizes of up to £2m for non-Northern Ireland Protocol borrowers.
Contents:
- About Recovery Loan Scheme
- Key Features Of The Scheme
- Eligibility Criteria
- Our Customers are Our First Priority
- Benefits of getting a business loan from Beta Energy Direct
- Apply Now for Business Finance
- FAQs
Dealing with a business’s finances is difficult in this competitive ambience. The financial planning process is an essential step toward ultimately achieving your financial goals and improving the financial quality of your business. Beta Energy Direct is here to provide financial support for your business. Our underlying core value is that our service should not be investment or product-driven but client-defined & customized to individualized business situations.
We will not compromise the quality of the result by taking shortcuts along the way. So, Contact Our Team now for better business finance plans.
About Recovery Loan Scheme
Northern Ireland borrowers can borrow up to £1m, as long as they are not operating in a sector with less aid restrictions. In this case, a cap is applied to the lower limit of credit availability. Examples include agriculture, fishing/aquaculture, and road transportation. Companies can use the funds for legitimate business purposes. B. Cash Flow Management, Funding, and Growth. But for these reasons, companies must be able to afford additional debt.
Key Features Of The Scheme
The Recovery Loan Scheme aims to enhance the terms on which borrowers can borrow. If a lender can provide a commercial loan with better terms, they will.
Key features include:
- The maximum number of facilities offered under the scheme is £2m per corporate group for non-Northern Ireland Protocol borrowers and up to £1m per corporate group for Northern Ireland Protocol borrowers . Facility minimum sizes vary, from £1,000 for facility and invoice finance, to £25,001 for term overdrafts and loans.
- Broad range of products: RLS offers term loans, overdrafts, asset finance and invoice finance. Not all lenders can offer all products.
- Term: Bank Overdraft and Invoice Finance are available from 3 months to 3 years, Term Loans and Wealth Management Facilities are available from 3 months to 6 years.
- Access to multiple programs: Companies that completed CBILS, CLBILS, BBLS, or RLS facilities before June 30, 2022 are not prohibited from applying for RLS after August 1, 2022 However, the maximum amount may be reduced if eligible for financing under these strategies. In some cases you are eligible.
- Pricing: The annual effective rate of interest, plus any upfront or other fees, cannot exceed 14.99%.
- Personal Guarantees: Personal guarantees are available at the lender’s discretion, consistent with normal commercial lending practices. Undisclosed principal property is not accepted as collateral under the scheme.
- The guarantee is passed on to the lender. Once the lender completes the normal collection process, the system will provide his 70% government guarantee on the outstanding balance of the facility. Borrowers are always fully responsible for their debts.
- Decision Delegated to Lender: Facilities supported by the Recovery Loan Scheme are provided at the discretion of the Borrower. Lenders are required to conduct standard credit and fraud checks on all applicants.
RLS support, like many government-sponsored business support functions, is considered a subsidy and a benefit to the borrower. There is a limit to the amount of support a borrower and their large group can receive in her three years. Previous tax benefits may reduce the amount a company can borrow.
Eligibility Criteria
- Sales Limit: The program is available to small businesses with a sales limit of £45m.
- UK Based: Borrowers must be UK based and have at least 50% of their income from business with most companies.
- No Covid-19 Impact Testing Required: Unlike previous versions of the program, most borrowers do not need to confirm they have been affected by Covid-19.
- Economic Viability Test: The lender considers the borrower’s business proposition to be viable, but the uncertainty and impact of Covid-19 may (at its discretion) raise questions about the borrower’s short- to medium-term performance. may be ignored.
- Difficult Company: Borrowers must not be difficult companies and must not be involved in corresponding bankruptcy proceedings.
- Grant Limits: Borrowers must certify in writing that receipt of the RLS facility will not result in the company receiving more than the maximum allowable grant amount. All borrowers receiving grants from government-funded programs must provide a written statement confirming the amount and type of assistance received.
Our Customers are Our First Priority
Customer satisfaction is essential to our team here at Beta Energy Direct, so to ensure you enjoy our top-notch service, you’ll be appointed as a dedicated account manager. This means you’ll speak to the same person every time. They’ll also keep in touch and remind you when your renewal date is due, so you’ll never need to go beyond your business finance.
Why you should Consider Beta Energy Direct than Traditional Banks
We provide you with the best comparative deals for your business finance. Trust Us To Find The Best Business finance deals for your business, and let us handle the overwork. There seems to be a common perception that alternative financing suppliers don’t make it convenient for SMEs to get the best finance deals. Still, here at Beta Energy Direct, we are committed to finding you the best value and working with complete transparency for your business utilities.
Benefits of getting a business loan through Beta Energy Direct
If you’re ready to start your business but are short on cash, a small business loan can help you do so. A business loan allows you to expand your business operations and build your business credit. It also provides you with the funds to purchase inventory for your seasonal business.
With a small business loan, the interest that you pay is tax-deductible. If you’re concerned about the interest rate changing during your loan term, opt for a fixed-rate option with Beta Energy Direct. Along with it, there are several benefits of getting business loans from our top lenders, such as:
- You can launch your entirely new business or you can grow your existing business.
- By getting a business loan you can expand your business operations to reach a mass audience.
- Small business loans allow you to build a good business credit score.
- You can buy inventory, and purchase equipment to innovate your business’s operations.
- You can easily solve your business’s cash flow problems using loan amounts.
Apply Now for Business Finance
With Beta Energy Direct, obtaining a small business loan is simpler. We believe in making things straightforward and uncomplicated, so you won’t need to fill out lengthy forms or go through drawn-out processes. Just follow three simple steps and get your business loan approved within no time.
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Frequently Asked Questions on Business Finance
How do I get a loan to start a business UK?
Getting a business loan is easy with Beta Energy Direct. You just need to apply for a business loan application here and receive your fund within 48 hours.
Who is eligible for a business loan?
Anyone with a valid business permit to run a business in the UK can apply for a business loan.
How much can I borrow for a business loan?
You can borrow a business loan from 25,000 to 500,000 pounds.
Can I get a startup business loan UK?
Yes, you can get a startup business loan UK. Call us at 0800-999-1160 or contact our experts here to get a personalized financial plan.
How much money do I need for a business loan?
Usually, a business should have an annual turnover from 5000 – 500,000 whereas if you are starting off with a new business you can apply for a start-up business loan here.
