Businesses can access facilities of up to £2m, if they are eligible for the RLS by having a turnover of up to £45m — including those who took out previous government-backed loans.
The company has prioritised launching the product following extensive feedback in its broker survey in late 2022, which revealed a clear demand for interest-only products among brokers.
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The second iteration of the RLS — launched in August last year — will run until 30th June 2024, and provide a range of facilities, including term loans, overdrafts, and asset and invoice finance of up to £2m per business group.
Nick Baker, chief commercial officer at Allica Bank (pictured above), said: “A lack of understanding of the RLS has meant many businesses are missing the opportunity to secure the finance to grow at a time when the British economy needs growth more than ever.
“Many business owners think they can only use an RLS-backed loan to help with recovery from the covid pandemic, but really it can support all types of situations, such as buying commercial property, acquisitions and refinancing.
“The additional paperwork is also a lot easier than many people realise, with much of the extra admin falling on the lender rather than the borrower.”
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