Recovery Loan Scheme

The Recovery Loan Scheme

The Recovery Loan Scheme was launched om 6 April 2021 and provides access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic.

If you have already borrowed from any of the other coronavirus loan schemes, you are still able to apply for a Recovery Loan Scheme.

Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of 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.

Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.


You can apply for a loan if your business:

  • is trading in the UK
  • have been impacted by Covid-19
  • have a viable business proposition

Who cannot apply

Businesses from any sector can apply, except:

  • banks, building societies, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

What you can get

A lender can provide up to £10 million as one of the following facilities:

  • term loans – minimum £25,001
  • overdraft – minimum £25,001
  • Invoice finance – minimum £1,000
  • Asset finance – minimum £1,000

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

How long the loan is for?

The maximum length of the facility depends on the type of finance you apply for and will be:

  • up to 3 years for overdrafts and invoice finance facilities
  • up to 6 years for loans and asset finance facilities

The minimum length is 3 months.

How to apply

Find a lender accredited to offer Recovery Loans from the list on the British Business Bank website:

What will a lender will need from you

When you apply for finance from Recovery Loan Scheme, you will need to provide evidence to show that you can afford to repay the facility. This is likely to include the following:

  • Up to date annual accounts and historic accounts
  • Management accounts
  • Business Plan
  • Details of assets

How we can help?

For more information, please contact us to arrange a free consultation.

Our Offices

  • GNBC, 82 Great North Road, Hatfield, AL9 5BL
  • Kemp House, 152-160 City Road, EC1V 2NV
  • 133 High Street, Barkingside, Essex, IG6 2AJ


Please contact us on 020 3051 8444 or by email at

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