Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.

About the scheme

 

You can apply to the scheme if Covid-19 has affected your business. You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, you must be able to afford to take out additional debt finance for these purposes.

 

If your business has already borrowed from any of the other coronavirus loan schemes – namely:

RLS is still open to you, although the amount you have borrowed under an existing scheme may in certain circumstances limit the amount you may borrow under RLS.

 

RLS has been extended to 30th June 2022, subject to review.

 

How it works

Lenders

The Recovery Loan Scheme will initially be available through a number of lenders accredited by the British Business Bank. New lenders under the scheme will be listed on the British Business Bank website as they become accredited.

 

Please note: A key aim of the Recovery Loan Scheme is to improve the terms on offer to you, but if a lender can offer you the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.

 

When looking to borrow, you should first approach your own finance provider – ideally via its website. You may also consider approaching other lenders if you’re unable to access the finance you need.

 

Types of finance

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

Guarantees

RLS gives the lender a government-backed guarantee against the outstanding balance of the facility. As the borrower, you are always 100% liable for the debt.

 

If you’re borrowing £250,000 or less

The lender won’t take any form of personal guarantee.

 

If you’re borrowing more than £250,000

The lender has the discretion to decide whether to take personal guarantees. However:

Further information is available here

 

Frequently Asked questions are available here

The team are here to help. Please use the contact form, leave a voicemail message on 01293 305965 or send an email to growth.hub@coast2capital.org.uk with your name, contact details, postcode and support request.

Nasser Elaheebocus

Growth Relationship Associate

Ryan Davies

Growth Hub Team Leader

Karen Tyrrell

Growth Relationship Associate

Taygan Paxton

Growth Coordinator

Tom Hughes

Peer to Peer - Admin

Richard Butcher

Interim Growth Relationship Manager

Malcolm Brabon

SME Manager

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This site is operated by Coast to Capital Local Enterprise Partnership. © Coast to Capital LEP 2013-21.

Information is provided on this website in good faith. However neither Coast to Capital Local Enterprise Partnership nor any associated organisation or individual provide any warranty or accept any liability for information provided.

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