Recovery Loan Scheme

Were you one of the unfortunate businesses that were unable to access the government Covid Loan Scheme (CBILS)? This may have been due to certain criteria that your business did not meet, such as minimum turnover, industry/sector, business/personal credit score or number of years trading.

The Recovery Loan Scheme (RLS) is available to businesses of any size and helps them access funding that may not have been available to them so they can recover after the pandemic and transition period. Funding can be used for any legitimate purpose including managing cashflow, investment or growth.


You can apply of a loan if your business:

  • Has been trading in the UK for a minimum of 2 years
  • Would be viable were it not for the pandemic
  • Has been adversely impacted by the pandemic
  • Is not in collective insolvency proceedings
  • Has less than 250 employees

The scheme can also be used in conjunction with any other existing CBILS facilities already taken out with other lenders or high street banks, although this is subject to underwriting & affordability. It can even be used to refinance existing CBILS facilities.

Some benefits of the scheme are noted below:

  • Available for loans, asset finance, invoice finance and overdrafts
  • Up to £10m facility per business
  • The scheme gives the lender a government backed guarantee
  • The annual effective rate of interest, upfront fee and other fees cannot be more than 14.99%
  • Terms of 3 months to 6 years for term loans and asset finance facilities
  • No personal guarantees for facilities of £250,000 or less
  • 6-month interest only option available on RLS loans

Speak to one of our experienced commercial managers about the RLS scheme for your business.

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