Recovery Loan Scheme

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What is the Recovery Loan Scheme?

The Recovery Loan Scheme is a UK government initiative to help businesses grow and recover from the disruption of the COVID-19 pandemic.

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Who can apply?

You can apply to the scheme if COVID-19 affected your business and your turnover does not exceed £45m p.a.

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How can I use the funding?

You can use the finance for any legitimate business purpose, provided you are able to afford to take out the debt finance for that purpose.

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The Recovery Loan Scheme at a Glance

Please refer to the Growth Guarantee Scheme which replace the Recovery Loan Scheme. 

 

About the scheme

The Recovery Loan Scheme was first launched on 6 April 2021, to offer financial support to UK businesses as they recover and grow after being impacted by the coronavirus.

The latest iteration of the Scheme was initially launched in August 2022, to help UK small businesses get access to finance as they look to invest and grow. Loans issued under the Recovery Loan Scheme can be used for any legitimate business purpose, including managing cashflow, investment, and expansion.

Lenders can provide up to £2 million per business as one of the following facilities:

  • Term loans
  • Overdrafts
  • Asset finance
  • Invoice finance

Businesses that have previously taken out other coronavirus recovery products such as CBILS, CLBILS, or BBLS are able to access the Recovery Loan Scheme, however the amount they have borrowed under a previous scheme may limit the amount they can borrow under RLS.

For more information, guidance, or application support please contact us today.

Recovery Loan Calculator (RLS Calculator)

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