The Recovery Loan Scheme (RLS) is open for applications and will run until 30 June 2022.

The loan is designed to support businesses across the UK as they recover following the coronavirus pandemic. Businesses can use the loan to invest in their future growth and manage cashflow, however they must be able to afford to take out additional debt finance for these reasons.

Finance available

Lenders will be able to provide finance as either a term loan, overdraft, invoice finance or asset finance.

For all offers made from 1 January 2022, the following criteria applies

  • The scheme will only be open to small and medium sized enterprises;
  • The maximum amount of finance available will be £2 million per business; and
  • The guarantee coverage that the Government will provide to lenders will be reduced from 80% to 70%.


Businesses must be able to confirm that they

  • Have been adversely impacted by the pandemic;
  • Are trading in the UK:
  • Would be viable were it not for the pandemic; and
  • Are not in collective insolvency proceedings.

Businesses are still eligible to apply if they have already received funding through the Bounce Back Loan Scheme or the Coronavirus Business Interruption Loan Scheme.

Public sector bodies and state-funded primary and secondary schools are not eligible.

How to apply

The RLS is available through a number of British Business Bank accredited lenders.

Businesses should approach the lender themselves, through their website. The amount of finance offered varies between lenders and not every lender can provide all of the different types of finance available through the scheme. Please see the lenders’ websites for more information on the amounts they are able to offer.

Click here to find an accredited lender.