The Government’s Recovery Loan Scheme (RLS), launched in April 2021, has been extended again. This enables Let’s Do Business Finance to provide support to more UK businesses for anther year as they recover and grow from the impact of the Covid-19 pandemic and cost of living crisis
The scheme, administered by the British Business Bank and delivered by Business Support Partners across the UK, was created as the predecessor to the Coronavirus Business Interruption Loan Scheme (CBILs) to enable businesses to survive and grow amidst an unforeseen economic climate. As of Autumn 2022, the scheme had approved more than £1bn in business finance to small and medium sized enterprises in the UK, and this number is only expected to grow.
Let’s Do Business Finance has been an official Business Support Partner of the RLS since its inception, following the conclusion of the earlier CBILs. Providing loans from £25,000 to £150,000, Let’s Do Business Finance has been able to offer an alternative to traditional high street banks, and support numerous businesses in the South East and East of England with their operations through the scheme.
Originally intended to run until the end of 2022, the extension of the scheme to 2024 is welcome news for businesses to attain much needed finance as they adjust to ongoing economic challenges.
By being able to continue delivering the scheme with the British Business Bank, Let’s Do Business Finance is looking forward to connecting even more businesses with the opportunity to grow and invest in their future.
• Freedom Works
Co-working and flexible workspace solutions business ‘Freedom Works’ which operates nine workspaces throughout Sussex, borrowed £127,000 through the RLS to help it refit and launch its ninth workspace in Hastings Town Centre in the former Debenhams building.
" We would have really struggled to have got Hastings done without the support of Let’s Do Business Finance, as that funding helped us to unlock further financing. We were even more delighted to welcome Let’s Do Business Group as one of our founding members at Hastings "
Jon Trigg, Owner, Freedom Works
The Amack Group Ltd (Trading as AYM), based in Lewes, East Sussex, benefitted from a £70,000 loan via the RLS to facilitate further business growth, implementing a new stock system and recruiting a new seamstress.
• Laptop Station
Laptop Station, Eastbourne, which offers sales and repairs of laptops, PCs, tablets and mobiles has been operating for over ten years. Having moved to a larger workspace, it approached Let’s Do Business Finance for support to enable its future growth. Borrowing £50,000 through the RLS, it was able to repay its existing finance and invest in its website to improve its organic rankings.
" I’ve never been able to get funding from a mainstream bank. It’s been so frustrating as we had a history of repayments, but they just wouldn’t accept it. Something that has been so refreshing in dealing with Let’s Do Business is that you are dealing with a human being that’s actually talking to you, and listening to you, as well as looking at the figures. They look at the whole picture and not just the piece of paper "
Brenden West, Co-Owner, Laptop Station
• Kirk & Kirk
Luxe eyewear brand Kirk & Kirk, Brighton had set its sights on a bigger and brighter future, and secured a £150,000 loan through the RLS, to enable it to cement its place in the UK market with vibrant pop-up stores and to grow its team.
" Working with Let’s Do Business was a pleasure. The process was thorough and professional throughout "
Jason Kirk, Owner, Kirk and Kirk Eyewear
Find out more about the Recovery Loan Scheme from Business Support Partner Let’s Do Business Finance
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.