Business loans
You know your business. We know how to help.
Looking to expand your business, invest in equipment or borrow for working capital? See how we can help with our wide range of secured and unsecured business loans.
Recovery Loan Scheme
Supporting your business following the pandemic
Get the financial support you need to help your business recover and grow following the pandemic, through this government-backed scheme.
You can apply up to 31 December 2021, subject to review.
Key features and benefits
This scheme is designed to support UK businesses with a viable business proposition that are struggling following the pandemic with term loans of between £25,001 and £10 million (maximum £30m per group).
Further information can also be found on the British Business Bank and Bank of England websites.
Loans up to £10 million
You can currently apply for a loan of between £25,001 and £10 million from us (maximum £30m per group).
For loans up to £25,000, please take a look at our business loans.
Flexible terms available
Spread repayments of your loan from three months to six years.
Available to businesses that have already received support
You can still apply for the Recovery Loan Scheme if you’ve taken out a Bounce Back Loan or Coronavirus Business Interruption Loan providing you meet the eligibility criteria and lending assessments. The amount you’ve borrowed under a previous scheme may in certain circumstances limit the amount you may borrow under the Recovery Loan Scheme.
Is your business eligible?
The Recovery Loan Scheme will support access to finance for UK businesses as they recover and grow following the pandemic.
The Recovery Loan Scheme is available to businesses affected by coronavirus (Covid-19) that
- Are UK-based and operate in the UK
- Require a loan to enable trade during short-to-medium term difficulty
- Can afford to repay the loan for a term up to six years
Additional details
- To apply for the Recovery Loan Scheme, you need to have had a business relationship with us for at least the last 12 months
- All applications will be subject to credit and fraud checks, as well as lending assessments. Subject to status. Terms and conditions apply. The checks and approach may vary between lenders
- Businesses will be responsible for interest payments and any associated fees from the outset
- There is no turnover restriction for businesses accessing the scheme
- We will consider whether you have a viable business proposition but may disregard any concerns over your short-to-medium term business performance due to the uncertainty and impact of coronavirus
- The scheme provides the lender with a government-backed 80% guarantee, subject to the annual claim limit
- Loans are available to most business sectors, but restrictions apply1
- Loans can be used for business purposes, including managing cashflow, investment and growth. They’re designed to support businesses that can afford to take out additional finance for these purposes
- Security may be required, subject to application
- We won’t 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
Important information
You can apply up to 31 December 2021, subject to review.
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. Loans are available to most business sectors, but restrictions apply1.
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. 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 british-business-bank.co.uk/recovery-loan-scheme.
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.
How to apply
Before you apply, you should be aware that
- To apply for the Recovery Loan Scheme, you need to have had a business relationship with us for at least the last 12 months
- Your application will be subject to credit and fraud checks, as well as lending assessments. Applications are also subject to status. Terms and conditions apply
- Unlike other previous government coronavirus schemes, you’ll be responsible for interest payments and any associated fees from the outset
- We’ll contact you as soon as possible, we’ll ask you some questions to see if you’re eligible, and you’ll need to give us some information about your business to support your application, such as financial accounts
To apply for the Recovery Loan Scheme, please request a call back.
Frequently asked questions
-
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.
-
How quickly can businesses receive the money?
It will depend on the individual business’ circumstances and funding requirements. Under this scheme a number of checks need to be implemented to satisfy the scheme’s eligibility criteria as well as lending assessments.
What do I do if my Recovery Loan Scheme application is unsuccessful?
If your application isn’t successful, we have a range of other flexible borrowing solutions that may help.
Next steps
Before you apply, you should be aware that your application will be subject to credit and fraud checks, as well as lending assessments. Subject to status. Terms and conditions apply. And unlike other government-backed business loan schemes, you’ll be responsible for interest payments and any associated fees from the outset.
To apply for the Recovery Loan Scheme, please request a callback. We’ll contact you as soon as possible, when we’ll ask you some questions to see if you’re eligible, and you’ll need to give us some information about your business to support your application.
Do I need to give security for a Recovery Loan Scheme loan?
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.
What kind of interest rates will businesses need to pay?
Fixed and variable interest rates will be available.
Businesses will be required to meet the costs of interest payments and any fees associated with the Recovery Loan Scheme loan from the outset.
Can I refinance a loan into the Recovery Loan Scheme?
Yes, loans can be refinanced into the Recovery Loan Scheme, subject to application and eligibility.
-
Can businesses from all sectors apply?
Loans are available to most business sectors, but restrictions apply1.
-
To find out more or apply, please fill in this form to request a callback.
What documentation will you need to provide?
The business will need to provide documentation confirming the financial status of the business, such as financial accounts.
Alternative borrowing options
Business overdrafts
A flexible overdraft that moves with your business demands
An overdraft could help you deal with seasonal trends and short-term cashflow challenges. Borrow up to £50,000 unsecured – the money could be available to you in days.
Invoice finance
Unlock cash tied up in your invoices
A quick and easy way to improve cashflow so you can seize business opportunities – provided by us or our partner MarketFinance.
Business money management
Help keep your business finances healthy
Develop your business money-management skills with our guides on managing cashflow and adapting to coronavirus.