Edit, Download, and Sign the Recovery Loan Scheme Phase 3 Application Form
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How do I fill this out?
To fill out this form accurately, ensure you work with your broker during the process. This collaboration will help in uploading the form correctly in the portal. Follow the instructions and guidance provided in this section.
How to fill out the Recovery Loan Scheme Phase 3 Application Form?
1
Download the form from the portal.
2
Complete the form with your broker.
3
Ensure all sections are filled out properly.
4
Review the form for accuracy.
5
Upload the completed form in the portal.
Who needs the Recovery Loan Scheme Phase 3 Application Form?
1
UK businesses looking to secure loans under the RLS Phase 3.
2
Brokers assisting businesses with loan applications.
3
Businesses needing to manage cashflow, invest, or grow.
4
Businesses that have previously taken out CBILS, CLBILS, RLS Phase 1 & 2, or BBLS facilities.
5
Northern Ireland applicants seeking subsidies within applicable limits.
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What are the instructions for submitting this form?
To submit this form, ensure all sections are completed with your broker. Review for accuracy, then upload the completed form in the portal found on digitalmortgages.net. For assistance, contact support through the provided contact details on the webpage.
What are the important dates for this form in 2024 and 2025?
The third phase of the Recovery Loan Scheme will run until 30 June 2024, subject to review.
What is the purpose of this form?
The purpose of this form is to provide UK businesses with the necessary application process for securing loans under the Recovery Loan Scheme Phase 3. This guide includes important details on eligibility criteria, loan amounts, and proper completion of the application. By following the instructions, businesses can access government-backed financial support to help invest, grow, and manage cashflow effectively.
Tell me about this form and its components and fields line-by-line.
- 1. Applicant Details: Contains fields for entering business name, address, and contact information.
- 2. Loan Amount: Includes fields for specifying the loan amount requested and intended use of funds.
- 3. Security Details: Requires details on the security being provided in line with Atom bank's business banking lending criteria.
- 4. Turnover Information: Fields for providing the business's annual turnover and other financial data.
- 5. Subsidy Confirmation: Requires written confirmation that the business will not breach subsidy thresholds.
What happens if I fail to submit this form?
Failure to submit this form could result in your business missing out on crucial financial support under the RLS Phase 3.
- Missed Financial Support: Businesses will not have access to government-backed loans to manage cashflow, invest, or grow.
- Delay in Application Process: Failure to submit on time could delay the application process and access to funds.
- Ineligibility for Further Assistance: Not providing the form might make the business ineligible for further government-supported financial assistance.
How do I know when to use this form?
- 1. Securing Loans: When your business needs to secure loans under the RLS Phase 3.
- 2. Subsidy Confirmation: To confirm that your business will not breach subsidy thresholds.
- 3. Providing Security: To provide details on the security being offered for the loan.
Frequently Asked Question
How do I fill out the RLS Phase 3 Application Form?
Download the form, complete it with your broker, ensure all sections are filled accurately, review the form, and upload it in the portal.
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Who needs this RLS Phase 3 Application Form?
UK businesses seeking secured loans under the RLS Phase 3, brokers assisting with loan applications, and businesses needing to manage cashflow, invest, or grow.
What is the maximum loan amount for GB applicants?
The maximum loan amount for GB applicants is £2 million.
What are the eligibility criteria for RLS backed loans?
The borrower must be based in the UK, engaged in trading activity, able to provide suitable security, and be a small or medium enterprise with a turnover of less than £45m.
What sectors have specific borrowing limits in Northern Ireland?
In Northern Ireland, sectors like agriculture, aquaculture, fisheries, and road haulage have specific borrowing limits.
What subsidies might affect the maximum borrowing amount?
Previous subsidies received by the business may reduce the maximum borrowing amount under the RLS Phase 3.
How do I submit the completed form?
Upload the completed form in the portal after reviewing it for accuracy.
