The Fund

NEL Fund Managers is an accredited lender under the Recovery Loan Scheme (RLS). This means that we can offer government backed loans of £25,001 to £250,000 to eligible businesses in Durham, Northumberland and Tyne & Wear as they recover and grow following the Covid-19 pandemic.

What NEL can offer under RLS:

The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt. Businesses are required to meet the full costs of capital and interest payments from the outset, and any fees associated with the RLS facility.

Businesses that have taken out a CBILS, CLBILS or BBLS facility are still able to access RLS although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under the new scheme.

If your business is based outside of Durham, Northumberland and Tyne & Wear, please visit the British Business Bank lenders list to find a local or national lender.

About RLS

The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.

RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes.

Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.

A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.

The Scheme will run until 31 December 2021, subject to review.

Business Finance Support

The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.

 

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. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme

Eligibility

To be eligible for an NEL loan under the Recovery Loan Scheme, your business must:

Please note: The following are not eligible under RLS:

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
  • Public sector bodies
  • State funded primary and secondary schools
  • ERDF sector restrictions also apply, please speak to us for more detail.

If your business is based outside of Durham, Northumberland and Tyne & Wear, please visit the British Business Bank lenders list to find a local or national lender.

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. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme

Process

To begin the application process please complete our online enquiry form or call the investment team on 0345 369 7007.

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. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme

Who this fund has helped…