Take your business forward with the Government’s Recovery Loan Scheme

Looking for extra funding for your business?

The Government’s Recovery Loans Scheme is designed to improve the terms on offer to businesses, and can help with cash flow, growth, investment and more.

No personal guarantee up to £250,000.  No early settlement fees.

The Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.

Up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders.

The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.

The scheme is open until 31 December 2021, subject to review.

Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.


You can apply for a loan if your business is trading in the UK

You need to show that your business:

(a) would be viable were it not for the pandemic

(b) has been adversely impacted by the pandemic

(c) is not in collective insolvency proceedings

Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.

What you can get

Firstly, term loans or overdrafts of between £25,001 and £10 million per business

Secondly, invoice or asset finance of between £1,000 and £10 million per business

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

How long the loan is for

The maximum length of the facility depends on the type of finance you apply for and will be:

(a) up to 3 years for overdrafts and invoice finance facilities

(b) up to 6 years for loans and asset finance facilities

How to apply

Find a lender accredited to offer Recovery Loans from the list on the British Business Bank website:

Find a lender

The maximum you can borrow is 25% of your annual turnover, and this cap includes any outstanding debt under the CBILS, CLBILS or RLS schemes.

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 https://www.british-business-bank.co.uk/recovery-loan-scheme.