Are you familiar with the Recovery Loan Scheme? Mark Smillie is on the case with some information that may be beneficial to your finances!


“Recently, I have been asked by many businesses about the Government’s new Loan Scheme.

It is called the Recovery Loan Scheme (RLS).

Recovery Loan Scheme

Most people I have spoken to have read the headlines, and it all sounds great! They would like to apply as soon as possible.

Some have already spoken to their Bank and been shown the door. Many others will have been in a rush to apply and will be turned down, just like last time.

The side effect to this drawn-out turndown is disappointment, anger, and stress, none of which are good for you or your business.

This is Part 1 next week in Part 2, I will be dealing with Companies that have successfully arranged CBILS loans and now would like more funding.

Rather than wait, why not call me on 07710 466166 and lets have a chat?


Applying for RLS

Instead of going through this stress and disappointment, you might wish to consider the following.

My opinion is based on what happened last time, and the best part of a lifetime dealing with banks and Finance Companies, AND speaking with some of the best brokers in the UK.


This is what I expect many businesses to do:

Apply now to the Bank, receive an application form, fill it out as quick as possible and get turned down. They will then have to wait (whilst their cashflow is tightening and making finance harder to get).

To apply to a Finance Company who is offering the Government Scheme and repeat the process with the application form. And hope it is presented in the way the Underwriting team at that Finance Company wish to see it.


Getting the application right is key to:

  • Acceptance and turndown
  • The Interest rate being offered, a misunderstanding in underwriting could be the difference between 10% being offered, whereas with some inside knowledge the rate could be 5%
  • Underwriting team having to ask for further information and being busy could lead to 1-2 weeks delay, whereas we could have had an answer within 24 hours


Another way!

But there is another way; go to a good broker (they vary like anything else in life, the Good, Bad and Ugly springs to mind).

We do an exploratory call with the prospective client. We ask them what type of finance would best suit their business. Then we do research on the client BEFORE we go to a finance company. (If any interim funding is needed we can put this in place in days).


There are many different types of finance being offered by the Recovery Loans do you know all of your options?


Armed with research and knowledge we will approach a finance company that is best suited to what the client wants.

We will be dealing with an account manager or senior member of staff or Director, that we have probably known for years.

As opposed to queuing at the front door and dealing with an online application form.

We will then submit a carefully thought-out application form, covering any points that we expect to be raised in Underwriting later. But it is difficult to do this if you do not have the knowledge.

It’s a bit like you plastering a wall, anyone can do it, but a good plasterer will do a superb job in a quarter of the time, with no stress, they know the tricks of the trade.


Can I ask you which method would give you the least amount of stress and the best chance of success and cheapest interest rate?

Queuing at the door with everyone else and waiting to see what you are offered?


Applying to the Finance Company that is best suited to your loan requirements, industry sector and credit rating, dealing with a “Can Do” Account Manager?



Here is a testimonial from last month:

“We went to Mark for business finance after being let down by other brokers who promised the world and never delivered. Mark was the first genuine specialist we met, and the only broker who actually did what he said he would. He gets the finer details right ………

Mark will listen and advise on the best solution – it may even be one you didn’t know existed. Mightily impressed that he even arranged an independent follow-up call for feedback on his service. No hesitation in recommending Mark.”

If you would like to read 40 named business testimonials please click here!


Or why not get in touch? You are always welcome to call me on my personal mobile whether you are looking for finance now or later in the year.

Best wishes,

Mark Smillie

The numbers you need: 0800 612 5364 or 07710 466166


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