The Government announces extension to the Recovery Loan Scheme

Published on August 4, 2022 by RPG Chartered Accountants

The Government has announced a two year extension to the Recovery Loan Scheme.

The Recovery Loan Scheme (RLS), launched in April 2021 to help businesses recovering from the Covid-19 pandemic, has helped almost 19,000 businesses with an average of £202,000 in support.

A Government scheme, it aims to support access to finance for UK businesses, providing lenders with a Government-backed guarantee against the outstanding balance of the facility.

Gareth Hunt, Insolvency Practitioner with RPG Business Recovery, commented:

“It is good to see the extension of the scheme which has provided a lifeline to many businesses across the country.

“Originally scheduled to run until 31 December 2021, the Government announced at Autumn Budget 2021 that the scheme would be extended by six months to 30 June 2022.

“However we are seeing that businesses are continuing to struggle with ongoing pressures post Covid, the repercussions of the situation in Ukraine and record levels of inflation.

“Hopefully, the extension of the Scheme will provide the support that some businesses need in the face of massively increasing costs.”

The maximum amount of external finance available will be £2m per business in Great Britain, and £1m for businesses in scope of the Northern Ireland Protocol. Personal guarantees will be permitted, but not required, for facilities above £250,000, bringing the scheme in line with standard commercial practice in business lending.

The scheme has supported over 16,000 English businesses, as well as 1,000 businesses in Scotland, 600 Welsh businesses and 300 in Northern Ireland.

As ever, you are facing any financial uncertainty, please contact our Licensed Insolvency Practitioners at Royce Peeling Green for a free, no-obligation and confidential chat.

Our Licensed Insolvency Practitioners have many years of experience in business recovery and insolvency and they can provide you with impartial advice and recommendations, entirely without obligation.

Contact us now to discuss how we can help you. Email Gareth Hunt at ghunt@rpg.co.uk or call  0161 608 0000

We have received an excellent service from the team at RPG for well over 20 years. We particularly appreciate RPG's real interest in our company and suggestions for improvements. The service RPG provides goes well beyond what we could expect.  The attention to detail and the prompt, professional service the team provides means that we are reassured that should we require urgent or unusual advice, the team will provide it. We would have no hesitation in recommending RPG.

Margaret Peasegood

Executive Chairman - SheffProp

I would like to thank RPG for your unbelievable help, assistance and friendship for over 40 years. Nothing has ever been too much trouble. Words alone are insufficient, and I think that the same would apply to my former colleagues and my family who have also come to rely on your advice and guidance.

Neville Johnson

Founder - Neville Johnson Offices

We have worked with RPG for many years, for good reason. They are not only extremely knowledge but they really take the time to get to know you as customers and also as people. This really makes a difference, as whilst it is of course important that you receive great service, which we do, it’s also essential to work with professionals who you can really trust and who go out of their way to know your business as well as you do, giving ultimate comfort that you are all striving towards the same goals. I cannot recommend them highly enough.

Jennie Johnson MBE

Kids Allowed

“RPG have always been our first point of call for advice on accounting, tax and financial regulatory matters and indeed have become an additional sounding board for both myself and my colleagues on strategic matters. The consistently high quality and timely advice they provide is very important to us.”

Gareth Rowe

Chief Financial Officer - ProofID

“As a family business we have been using Royce Peeling Green as our accountants for over 25 years. We have always been impressed with their expertise and depth of knowledge in all financial areas required to help run our business. There is an obvious understanding and trust between the two companies which leads to proactive approach to guide us with short and long-term financial planning. We have found everyone at Royce Peeling Green to be very approachable providing us with the reassurance that they will always provide a professional response in a timely manner.”

David Harrabin

Managing Director - Manchester Slate Ltd

RPG have now acted for our various companies for over 15 years. Their advice and commercial attitude in dealing with Tax, Audit and general businesses matters has always been of high quality and queries dealt with promptly. The team at RPG are experts in their field, they understand the SME market place well. They have been involved in all our corporate transactions, from setting up of businesses, ongoing support of our management teams through to being part of the team that negotiated the successful sale of a group company.

Jonathan Hamburger

Genesis Group International

We have received a first rate service from RPG over many years. We appreciate their attention to detail and the timely, professional and pro-active advice they provide. We would have no hesitation in recommending the team at RPG.

Stephen Rector

Managing Director – Ribble Packaging Limited

  • LinkedIn
  • Twitter
  • Instagram