The Fund

NEL Fund Managers is accredited to lend under the new iteration of the Recovery Loan Scheme (RLS) which launched in August 2022. We can now 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. Please speak to a member of the NEL investment team if you are interested in discussing how RLS may work for your business.

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 new iteration of the Recovery Loan Scheme (RLS) launched in August 2022 and is designed to support access to finance for UK small businesses as they look to invest and grow.

The Recovery Loan Scheme aims to improve the terms on offer to borrowers. If a lender can offer a commercial loan on better terms, they will do so.
Businesses that took out a CBILS, CLBILS, BBLS or RLS facility before 30 June 2022 are not prevented from accessing RLS from August 2022, although in some cases it may reduce the amount a business can borrow.
Recovery Loan Scheme-backed facilities are provided at the discretion of the lender. Lenders are required to undertake their standard credit and fraud checks for all applicants.

Scheme features include:

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 be based in Durham, Northumberland or Tyne & Wear

Eligibility Criteria include the following:

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.

You will need to provide certain documents when you apply for an RLS-backed facility. These are likely to include:

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…