Published: Apr 01, 2022
Focus: MEIF Maven Debt Finance
The Recovery Loan Scheme (RLS) is a Government backed scheme that provides funding to businesses as they recover and grow after being impacted by the COVID-19 pandemic. Maven is a fund manager for the Midlands Engine Investment Fund (MEIF) and is approved by the British Business Bank as an accredited lender to provide loans through the RLS.
In the 2021 Autumn Budget, it was announced by the Government that the scheme would be extended to 30 June 2022, which is now fast approaching, so to take advantage of the funding opportunities available to help your business recover from the impact of COVID-19, here is a reminder of the criteria for the RLS provided by MEIF:
- You must be a Midlands based company who has been financially impacted by COVID-19 to be eligible for the RLS funding scheme
- The scheme offers loans of up to £2m per business, however, Maven can only offer loans through the RLS between £100,000 and £1.5m
- Your business will have to undergo a viability, credit, and fraud check in order to ensure you are eligible to access the funding
- Your business must not currently exceed a £45m turnover and you must have less than 250 employees
- Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS
To find out more about the RLS through MEIF Maven Debt Finance, visit our page on the scheme.
Get in touch with the Midlands teams today to discuss your requirements and how the Recovery Loan Scheme, Midlands Engine Investment Fund or alternative Maven funding could help you recover, develop, and grow your business.
Contact the Birmingham team for West Midlands enquiries.