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 and Industrial Strategy.
The Recovery Loan Scheme will support access to finance for UK businesses as they recover and grow following the pandemic.
It provides lenders with a government-backed guarantee of 80% on loans up to £10 million (maximum £30m per group).
How much can I apply for with the Recovery Loan Scheme?
You can currently apply for a loan of between £25,001 and £10 million from us. For loans up to £25,000, please take a look our business loans.
Is the Recovery Loan Scheme a loan or a grant?
The Recovery Loan Scheme is not a grant. It provides a guarantee to us so that we can provide finance, but businesses still have to repay the loan in full. You’re responsible for repaying 100% of the loan. The provision of the government guarantee does not in any way reduce your liability for the whole amount of the loan.
As the borrower is liable in full for the debt, we may request additional security.
- Security may be required, subject to application
- We will not take personal guarantees as security for any Recovery Loan Scheme loans
- The borrower’s primary residential property can’t be taken as security under the scheme
The government has also announced a number of other support measures that businesses may be eligible for. You can find more information on these measures are available on Gov.uk.
What products are covered under the Recovery Loan Scheme?
We’re offering Recovery Loan Scheme term loan facilities.
What if I want to borrow less than £25,000?
For loans up to £25,000, please take a look our business loans.
How long will I have to apply for the Recovery Loan Scheme?
You can apply up to 31 December 2021, subject to review.