What is the Recovery Loan Scheme?
A new loan scheme to support access to finance and ensure liquidity for UK business as they grow and recover from the disruption caused by COVID-19. It ensures businesses can access finance after the closure of the Bounce Back Loans (BBL) and the Coronavirus Business Loans Schemes (CBILS).
Unlike BBL which capped funds at £50,000; or CBILS which was only accessible to more established businesses, the Recovery Loan Scheme is accessible to greater range of businesses and with a greater range of financing options.
What is available through our panel of lenders?
» Borrow up to 25% of your turnover, from £25,001 to £350,000
» Terms of 2 to 6 years
» No early settlement fees
» No Personal Gurantee required up to £250,000
Who is eligible for a Recovery Loan?
To secure a loan under the Government's Recovery Loan Scheme, you'll need to meet the following lender criteria:
» Minimum 2 years trading
» Minimum £100K turnover
» Be UK-based in its business activity
» Loan is for business working capital or investment
» Self-certify that it has been adversely impacted by COVID-19
» Not subject to insolvency proceedings
» Businesses who have taken out a CBILS or Bounce Back Loan will be able to access the scheme
When taking a loan the business is liable for the full amount. If a personal guarantee is provided the guarantor will be liable for the full debt as well. An application for finance will involve an assessment of your creditworthiness and suitability. This may result in a credit check on either your business or personal credit, also known as a credit search. This information helps the lender(s) to understand your financial behaviour and may show on your credit file. By providing supporting information for your finance application you hereby authorise for a credit check to be carried out if required by our lenders. You are not required to use a broker to access Recovery Loan Scheme funding.