How to increase the success rate of my Recovery Loan Scheme application?
The Recovery Loan Scheme is a Government backed loan to help UK businesses of any size access loans and other kinds of finance up to £10 million. The loan scheme is available until the 31st of December 2021, subject to review.
Pulling all the documents that you need can be time consuming however, it’s key to making the process as efficient as possible. If you’re missing documents that the lenders are requesting or misunderstood what they needed can affect how successful your application is.
Different lenders will ask for different levels of information so what you need for one lender doesn’t necessarily mean you need to same exact information for the next. Additionally, the jargon can sometimes be difficult to understand which can lead to a misunderstanding of what you need to provide.
As a broker, we have a panel of Recovery Loan Scheme lenders and we’re continuously working on adding more lenders to our panel to maximise the chances of you being accepted if you’re eligible.
We have an excellent understanding of what information each lender needs for an application so we’ll tweak your proposal to suit each lender, saving time as there will be less going back and forth and increasing your chances of being accepted as the lender has received all the information that they need.
We’ll do all the hard work on your behalf
If you choose to approach a broker like ourselves, we will complete the application form on your behalf and with your assistance, pull together all the information that is needed and ensure that we have covered all the criteria points clearly.
We’ll create a proposal on your behalf which will include all the information that a lender is be requesting. This will include:
- How your business was performing financially prior to the COVID-19 pandemic and how it currently performing (ticking off the criteria of ‘proof that your business has been affected by the pandemic’)
- Proof that you’re a business trading in the UK
- How much you would like to borrow
In some cases, more information may be needed however we’ll let you know. Once we have submitted the application to our lenders, we will chase the application on your behalf, answer any queries that they may have and if there is something that we don’t think is quite right, we’ll flag it up.
What if I’m not eligible for the Recovery Loan Scheme?
If you’re not eligible for the Recovery Loan Scheme or was rejected, there are different finance facilities that might be available for your business. For example:
- If you’re looking to improve your cashflow, a business loan, invoice finance or refinancing your assets may be an option
- If you’re looking to purchase new machinery or equipment, hire purchase or leasing could be something to consider (any new machinery or equipment could also be eligible for the super-deduction allowance)
- If you’re looking to start a new housing project or finishing one, development finance or development exit finance is a finance facilitity to look into
How can Amplo Commercial Finance help?
If you would like help applying for the Recovery Loan Scheme, complete our enquiry form below or call us directly on 01270 443510. The first steps will be for us to learn more about your business and your requirements and how are we able to help.