The Recovery Loan Scheme is designed to provide access to finance in order to support businesses as they recover from the disruption caused by the COVID-19 pandemic. Although, as the borrower, you will remain liable for 100% of the debt, to encourage lenders to participate in the scheme, the Government provides a guarantee to the lender for 80% of the finance.

You may be eligible for a Recovery Loan if your business satisfies the following conditions:
Your business must be trading in the UK
You must be able to demonstrate that your business has been adversely affected by the pandemic
You must not be in collective insolvency proceedings.
You can still apply for a Recovery Loan if you have already taken out a Bounce Back Loan or a Coronavirus Business Interruption loan.

You can apply for term loans and overdrafts of between £25,001 and £10 million per business or invoice or asset finance of between £1,000 and £10 million per business

The maximum loan period for overdrafts and invoice finance facilities is three years and six years for loans and asset finance facilities.

How to apply
Applications are made direct to the lender. You can find an accredited lender offering Recovery Loans on the Business Bank website.

Contact us to find out how we can help you address your financing needs.