Recovery Loan Scheme

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the Covid-19 pandemic

The 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 is available per business.  The actual amount offered and the terms are at the discretion of the 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.

You can apply for a loan if your business is trading in the UK.  You will need to show that your business would be viable were it not for the pandemic, has been adversely impacted by the pandemic and is not in collective insolvency proceedings (unless your business is in scope of the North Ireland Protocol in which case different eligibility rules may apply).

Businesses 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.

For more detail and how to apply visit https://www.gov.uk/guidance/recovery-loan-scheme

 

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