The RRLF scheme is intended for organisations with a minimum turnover of £400k where the organisation has been disrupted due to the Covid-19 pandemic, and it’s set up to make the government Coronavirus Business Interruption Loan Scheme (CBILS) more accessible to charities and social enterprises.
Key features are:
- Funding packages from £100k to £1.5m
- Loans available from 1 to 5 years
- Assessed on a case by case basis alongside the loan, grants that are awarded range in size from £40k – £300k and can be 20% to 40% of the loan amount.
- All loan interest and fees covered by the government for the first 12 months
- All loans come with a 12-month capital repayment holiday and no early repayment fees
- Loans up to £250k unsecured, and above that a simple fixed and floating debenture will be taken
- All purposes considered except refinancing existing debt.
How to apply
The deadline for applications is 31 January 2021 for more information click here