The Recovery Loan Scheme

Our Accreditation

The Recovery Loan Scheme (RLS) is a government initiative designed to support small businesses affected by the coronavirus outbreak. As an accredited lending partner with the British Business Bank we are working to support businesses across the UK with Loan and Asset Finance solutions to aid recovery and future growth. We are not currently accepting direct enquiries and instead, working with a panel of selected brokers. If you are a business owner looking to access funding support via the RLS please contact your trusted financial advisor for more information.

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The Recovery Loan Scheme

The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.

RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.

A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.

At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022, with changes applying to all offers made from the 1 January 2022.

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Core scheme features

Scheme features include:

  • Time Finance offering is up to £150k per business.
  • Minimum facility sizes vary, starting at £5,000 for asset finance, and £25,001 for term loans.
  • Term length: Term loans and asset finance facilities are available from 12 months to 60 months.
  • Interest and fees to be paid by the borrower from the outset; businesses are required to meet the costs of interest payments and any fees associated with the RLS facility.
  • Access to multiple Covid-19 schemes: Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme although the amount they have borrowed under a previous scheme may, in certain circumstances, limit the amount they may borrow under RLS.
  • Personal Guarantees: Personal guarantees are not permitted for facilities of £250,000 or less. Above £250,000 the maximum amount that can be covered under RLS is capped at a maximum of 20% of the outstanding balance of the RLS facility after the proceeds of business assets have been applied. No personal guarantees can be held over Principal Private Residences.
  • Guarantee to the Lender: The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.

Eligibility criteria

  • Covid-19 impact: The borrower must confirm to the lender that it has been impacted by Covid-19.
  • UK-based: The borrower must be carrying out trading activity in the UK.
  • Viability test: The lender will consider that the borrower has a viable business proposition but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.
  • Credit and fraud checks for all applicants: Lenders will be required to undertake credit and fraud checks for all applicants. The checks and approach may vary between lenders.
  • Turnover limit: Businesses with a turnover not exceeding £45m per annum.

Eligibility restrictions

Please note: The following are not eligible under RLS:

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
  • Public sector bodies.
  • State funded primary and secondary schools.
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Business finance support

The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.

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Legal notice

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit

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Time Finance to support SMEs through Recovery Loan Scheme

We are delighted be able to support UK SME’s looking for additional funding under the Recovery Loan Scheme.

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Sharon Bryden secured as Director of Commercial Loans & ABL

Sharon brings two decades of experience to the role across multiple funding solutions.

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Optimism reigns as recovery starts in earnest

In our latest survey, we were delighted to find that 2/3 businesses are feeling optimistic.