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 £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
» Limited company or limited liability partnership (LLP)
» 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