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Last chance for the Recovery Loan Scheme: apply for a business recovery loan before 30 June 2022

As we enter the ‘new normal’ after lockdown, many SMEs are still suffering the knock-on effects of the COVID-19 pandemic. Support is available under the government-backed Recovery Loan Scheme, but only for a limited time. At Acorn Business Finance, we can help you through the process of applying before the RLS scheme closes on 30 June 2022. 

What is the recovery loan scheme?

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The Recovery Loan Scheme (RLS) is a government initiative for businesses affected by COVID-19. It was set up in 2021 to provide access to finance for viable businesses as they emerged from lockdown.

Under the scheme, if you are an SME trading in the UK, you can borrow up to £250,000 per lender to help your business recover from the financial impact of the pandemic.

RLS can be used for some of the following areas:

  • Business development
  • Marketing costs
  • New staff costs
  • Working capital
  • Business acquisition
  • Partner buy out
  • Refurbishment
  • IT
  • Stock

If you want to benefit from the government Recovery Loan Scheme, you’ll need to act quickly. Your last chance to get a business recovery loan ends on 30th June 2022, and lenders are already beginning to pull out of the scheme. Acorn Business Finance has access to all lenders currently offering the scheme, and with the ability to apply for multiple RLS facilities at the same time, we are able to potentially achieve a much larger advance than the £250,000 per lender.

Applying for the RLS scheme with Acorn Business Finance

business professionals looking at screen

 

Here at Acorn, we specialise in brokering business loans for SMEs. Interested in applying for the Recovery Loan Scheme? We make it a quick and painless process – here’s how it works:

  • Call us for a chat – we’ll talk informally and get to understand the particular requirements of your business
  • Using your latest financial accounts as a guide, we’ll provide an indicative quote to illustrate what we expect to be able to achieve for you, based on our experience with both CBILS (Corona-virus Business Interruption Lead Scheme) and RLS applications
  • Our application form takes less than 10 minutes to complete. Once you’ve completed the form and e-signed our quote, we will present to the relevant lender(s)
  • Typically, we see decisions made within one week. Once we have the decision from the lender, finance documents are issued swiftly
  • Once documents have been completed, funds are generally transferred within 24 hours

Are other government recovery loans still available?

During the pandemic, there were several government backed loan schemes available to businesses whose profits had been affected. These included:

  • Bounce Back Loan Scheme (BBLS)
  • Coronavirus Business Interruption Loan Scheme (CBILS)
  • Coronavirus Large Business Interruption Loan Scheme (CLBILS)

These previous loans were all discontinued in March 2021. The good news is, if you have previously taken out a loan under these schemes, you can still apply for further finance under the Recovery Loan Scheme.

Why choose Acorn as your broker?

woman holding plant

We’re a friendly, independently owned brokerage specialising in finance for SMEs. We take a personalised approach to ensure that you get the best level of service, while making sure your data is protected at all times.

  • We work closely with every current lender offering, so we can promise to find the  best rates for your business 
  • Unlike High Street banks, our finance solutions are bespoke and flexible, we’ll work with you to find the best solutions for your business
  • We don’t over-promise: if we say we can help you, we’re as good as our word
  • Is speed of the essence? We have a clear understanding of each lender’s traits and requirements, which generally lead to successful decisions
  • When you apply for the government Recovery Loan Scheme, the money can typically be in your account within 5-7 working days, reducing the lag time between lender and client

Acorn’s experience

RLS can be used to help ease a variety of problems, and we have a wide range of examples from existing customers.

  • A well respected retailer of cricket clothing and equipment who sell both well known brands, and their own popular brand of equipment, manufactured in India. Due to the ongoing issues and delays with shipping they were struggling to keep up with demand for these products and were looking to increase their stock levels to capitalise on the demand for their equipment, and also reduce lag on the supplier chain. The £100,000 RLS facility provided by us allowed the business to invest in increased stock levels and, in turn, has helped the business to increase its turnover and profits.
  • A multi-practice firm of solicitors, based in Birmingham, were expanding their operation in March 2022 by adding two more fee earners to work from one of their new offices. Having previously taken a CBILS facility, we were unsure whether we would be able to achieve additional funding for them, but with a strong proposal and some communication with the lender, we were able to provide £100,000 over 5 years. Our customer was extremely happy to receive funds as this gave them the working capital required to cover their salaries in the short term until they were billing effectively.
  • A well established roofing and exteriors business required funds to buy the shares of a retiring partner. We managed to secure this firm £150,000 over 5 years through the RLS scheme. Interestingly, they had previously been declined for a CBILs facility last year, due to a stronger set of more recent accounts we were able to prove a positive trend within the business leading to an acceptance from the lender.

Contact us

For more information about the Recovery Loan Scheme or to have an initial chat with one of our brokers, don’t hesitate to contact us.

Or read more about the other business loans we offer

Nicki was very helpful and kept us up to date with everything - even when she had time off she made sure we were updated. Whenever there was a query she got to it quickly and helped us understand the issue so we could answer and solve it straight away. It became a very simple process so we could focus on our business.
Very helpful and kept up to date with everything
Stuart was quick to understand our requirements and was able to recommend a cost-effective solution. The process was professional and efficient from start to finish. Each stage was explained thoroughly and our documents checked by the team, so we could get things right first time - we would not hesitate to go back to Acorn Business Finance for any future requirements.
A really positive experience
5 stars from start to finish. Stuart and his team were fantastic!
5 stars from start to finish
Stuart at Acorn was superb. Understood our fully requirements, engaged with us pro-actively throughout. Could not have been more helpful. Organised all the funding requirements we needed at excellent rates. Could not recommend enough.
Engaged with us pro-actively throughout
All the team have been extremely helpful and kept me in the loop with progress reports as we have gone along. I would definitely recommend Stuart and Cathy for their helpful attitude, nothing has been too much trouble during a time that has been stressful for our business.
Taken the stress away
Amazingly quick to get the deal done from start to finish, and to get the money into the bank. A breath of fresh air and the wonder why everyone else can't work like this. Thoroughly recommended.
Amazingly quick
I have dealt with Stuart and his team at Acorn Finance for a number of years now and they are very efficient, always keep you updated, and you receive a personal service. They understand our business needs. The CBILS Loan from initial enquiry to funds in the bank less than a week. I would highly recommend them.
Speedy Personable Service - Highly Recommend
Truly fantastic and dependable service. In such turbulent times and with the criteria for meeting CBILS loans incredibly high, having a dependable broker that is willing to spend the time to truly understand your business needs as well as having a deep-rooted understanding of ever-changing requirements from such a vast array of providers is invaluable. Highly recommended.
Truly fantastic and dependable service
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Get in touch

To discuss financing for your business, contact us either by phone 01242 395 507, email hello@acornbusinessfinance.co.uk or book a callback.

Please note, calls may be recorded for training and quality purposes.

  • +44 (0) 1242 395507
  • hello@acornbusinessfinance.co.uk
  • Suite 1.27, Clockwise Offices, Festival House, Jessop Avenue, Cheltenham, GL50 3SH
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Acorn Business Finance strives to provide clients with the highest level of service. If you feel that our service fails to meet your requirements and you would like report a complaint, get in touch via hello@acornbusinessfinance.co.uk

Acorn Business Finance is the trading name of SJT Corporate Finance Limited. SJT Corporate Finance is registered in England and Wales, number 10919713. Registered office, Festival House, Jessop Avenue, Cheltenham GL50 3SH. SJT Corporate Finance Limited is authorised and regulated by the Financial Conduct Authority, reference number 822913. ICO registration ZA301050 and you can check via www.ico.org.uk.

We are a credit broker, not a lender. We work with a panel of funders to find a potentially suitable arrangement for your consideration.

We will receive commission from these funders, different funders pay different amounts depending on their commission model. For transparency we normally work with the following commission models – a percentage of the amount you borrow. Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey.

Eddie

Eddie

Eddie brings a wealth of experience and knowledge from the finance sector.
Since building up and successfully selling on his own vehicle leasing brokerage, he joined Acorn Business Finance 5 years ago as a consultant covering the North of the country. Based in South Cheshire, he is ideally located to assist SME clients
around the whole area. 

He enjoys building long term relationships with clients and helping them achieve their targets by providing creative funding solutions and watching their businesses grow. Outside of work Eddie enjoys escaping to North Wales to get wet and cold up various mountains, sampling some good food and beer once he gets down again, and spending time with his family – mainly chasing his 2 young sons around.