Ulster Bank added to new RLS
Ulster Bank has become the 12th lender to be accredited to offer the new iteration of the Recovery Loan Scheme (RLS).
The bank will offer loans with a minimum value of £50,001, and it has indicated that personal guarantees will be required from all prospective borrowers.
The maximum loan value will be £2m per business group, or £1m per business group for Northern Ireland Protocol borrowers.
Term times will vary from three months to six years.
The Northern Irish bank is in the process of winding down its business in the Republic of Ireland. In May 2021, Ulster Bank’s Northern Ireland business was transferred to its parent company National Westminster Bank.
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The new RLS was launched at the beginning of August 2022 and is set to run for two years. It is designed to help businesses recover from the impact of the Covid-19 pandemic and to cope with the rising cost of living.
Ulster Bank will join lenders such as Atom Bank, BCRS Business Loans, HSBC, Genesis Asset Finance, Bank of Scotland, Coventry & Warwickshire Reinvestment Trust, Lloyds Bank, NatWest and RBS in delivering the scheme.
To date, no peer-to-peer lending platforms have been invited to distribute the government-backed loans.
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