Ignition Credit

Business & Personal Asset Finance in Cornwall

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Call Us: 01872 272900 or 0330 010 4282
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Recovery Loan Scheme (RLS)

The Recovery Loan Scheme (RLS) aims to help businesses that have been affected by the pandemic.

As the Coronavirus Business Interruption Loan Scheme (CBILs) and the Bounce Back Loan (BBL) Initiatives have now finished, the Recovery Loan Scheme provides businesses with an option for financial support.

If you need assistance with managing cashflow, investment and growth, the RLS may be the right product for your business.

Even if you took out a CBILs or BBL product, you will still be able to access the Recovery Loan Scheme providing you meet the eligibility criteria. The amount you can borrow will ultimately depend on the lenders’ assessment and any previous borrowings under other Government schemes.

The RLS scheme is scheduled to run until 30 June 2022.

Eligibility

If you say YES to these, then you can apply for the RLS

  • Your business must be trading in the UK
  • You will need to show that your business is viable, or would be viable if not affected by COVID
  • Your business has been affected by the pandemic
  • Your business is not currently in collective insolvency proceedings
  • No minimum annual turnover requirement

The RLS is NOT available to

  • Primary and secondary schools that are state-funded
  • A Public sector organisation
  • Other banks, building societies, insurers or re-insurers (but not insurance brokers)

How much is available under the RLS scheme?

There are 2 types of product available under the RLS –

  • Overdrafts and term loans from £25,001 to £10M
  • Invoice finance and asset finance from £1,000 to £10M

What information will my business need to provide?

You will need to provide the following information in order to be considered –

  • Management accounts
  • A business plan
  • Historic accounts
  • Details of your assets

I’ve already been turned down by another lender, can I still apply?

The scheme is available to all businesses that meet the criteria. Some lenders may use different metrics to award RLS loans. Just because you’ve been turned down by one lender does not necessarily mean you can’t secure a loan from somewhere else.

Want to apply or know more? Simply complete the form below and we will be in touch.

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    Can we help?

    If you require assistance or further information call one of our expert advisers on 01872 272900 or 0330 010 4282.

    You can also request a quote online, or use our simple vehicle finance calculator.

    Finance Products & Services

    • Asset Refinance
    • Finance Lease
    • Hire Agreement
    • Structured Payments
    • PCP (Personal Contract Purchase)
    • Hire/Lease Purchase
    • Contract Hire
    • Operating Lease
    • VAT Deferrals
    • Corporation Tax Loans
    • Invoice Finance
    • Commercial Loans
    • Loan and Chattel Mortgage

    Our Products & Services

    • Asset Refinance
    • Finance Lease
    • Hire Agreement
    • Structured Payments
    • PCP (Personal Contract Purchase)
    • Hire/Lease Purchase
    • Contract Hire
    • Operating Lease
    • VAT Deferrals
    • Corporation Tax Loans
    • Invoice Finance
    • Commercial Loans
    • Loan and Chattel Mortgage

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    What We Finance

    • Car Finance
    • Prestige Car Finance
    • Classic Car Finance
    • Motorsport Finance
    • Vans & LCV Finance
    • Haulage & HGV Finance
    • Bus & Coach Finance
    • Horsebox & Trailer Finance
    • Agricultural Asset Finance
    • Renewable Energy Finance
    • Construction Finance
    • Engineering Finance
    • Technology Asset Finance
    • Refurbishment & Fit-Out Finance
    • Catering Finance

    About Ignition Credit

    Registered Office
    Sterling House,
    Green Court,
    Truro Business Park,
    Threemilestone,
    Cornwall,
    TR4 9LF

    Phone
    01872 272900
    0330 010 4282

    Office Hours
    Monday—Friday: 9:00AM–5:15PM

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    Copyright © 2022 Ignition Credit. All Rights Reserved
    E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85 | Authorised and regulated by the Financial Conduct Authority FRN 679018
    IGNITION CREDIT PLC IS AN AUTHORISED CREDIT BROKER AND LENDER I Registered Office: Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

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