Unfortunately, the Recovery Loan Scheme has been exposed for what it is, and that is a scheme that is NOT aimed at small business owners.
As more and more accredited lenders are announced, the hurdles that they are collectively putting into place to stop SMEs applying or decline them for one of those loans are becoming obvious to everyone.
Below you will find the current list of “Revolving Credit Overdraft” Lenders that are part of the scheme, along with a link to one of my Premium Articles in which you will find an overview of those hurdles, bizarre unique lender rules and/or added criteria and anything else that needs bringing to your attention.
Urgent Warning to Recovery Loan Applicants
Be aware that due to a law passed during “Dodgy Dave’s” term as Prime Minister, and with the backing and insistence it appears of the Lib Dems, a law was introduced which will force some of the first set of accredited lenders to ask you, once they decline your application for a Recovery Loan, if would you like your details passed over to a Government Approved Finance Portal.
Obviously, you will be gutted that you have been declined, and in that vulnerable state you may give them permission to pass your details over, but if you do be prepared to be badgered at all hours of the day by what are clearly money hungry “loan sharks” who will try to get you a business loan with horrendous interest rates, and terms and conditions that are not in any way shape or form like the Recovery Loan Scheme terms.
Here is One of Many Messages I Have Received About This:
You can read about that HERE> Urgent Warning Recovery Loan Applicants – HM Government Scheme Designed to Farm You Off to High Interest Rate Lenders When Declined
The scheme itself does have several other options that can be taken by business owners:
Recovery Loan Scheme Revolving Credit/Overdraft Lenders
You are strongly advised to think long and hard about making use of the Recovery Loan Scheme and seek professional financial/legal advice if you are thinking about doing so.