Included in the March 2021 budget announcement was the Recovery Loan Scheme (RLS), which will replace the Bounce Back Loan. With applications now open, I thought I’d take a more detailed look at what it is, who’s eligible, and how you can access the funding.
The aim of the scheme is to help businesses of all sizes to recover from the pandemic by giving them access to loans and other financial help. For my clients and other small businesses who may have lost out significantly on income this past year, my recommendation would be to put this money towards managing your cash flow, sorting out your balance sheet and planning for future growth.
What funding is available?
Every business is eligible for up to £10million, however, this is at the discretion of the lender.
The best way to find an accredited lender is to go through the British Business Banks website which can be found here.
How Auria can help
As a business owner, one of the most important things you can do when applying for any financial help is to have your accounts and paperwork in order. In fact, I think I mention it every week, but financial organisation really is the backbone to every successful business. Without clear financial records, lenders won’t accept your application.
That’s where Auria can help. Although we are accountants we are much more than that. We’re business advisors, here every step of the way on your business growth journey – and helping you with your financial statements is just one of the many things we can do for you.
If you need help sorting out your business’s financial statements before applying for the RLS loan, why not drop us an email at firstname.lastname@example.org or give us a call 020 7291 1000 and let us help you.