Recovery Loans

The Recovery Loan Scheme is re-launching on 1 September.

The Government-backed loan scheme is returning to help UK SMEs.

  • Family Homes not taken as security
  • No Covid impact assessment
  • Borrow £10,000 to £2,000,000
  • Funds for any business use
Excellent 300+ reviews 4.6 stars 200+ reviews

Recovery Loans

The Recovery Loan Scheme is re-launching on 1 September.

The Government-backed loan scheme is returning to help UK SMEs.

  • Family Homes not taken as security
  • No Covid impact assessment
  • Borrow £10,000 to £2,000,000
  • Funds for any business use
Excellent 300+ reviews 4.6 stars 200+ reviews
  • Principal Private Residence cannot be taken as security

  • Fixed rates in uncertain times

  • Up to 6 yr terms – affordable monthly payments

The Recovery Loan Scheme

RLS Scheme returns on 1 September


Recovery Loan Scheme Re-Launches

The UK government is launching a new iteration of its Recovery Loan Scheme (RLS), setting out to provide SMEs with easier access to finance for those looking to grow and invest.

The revised scheme is open to all businesses and those that have previously taken Government-backed facilities (eg. RLS, CBILS, Bounce Back Loan) are not prevented from accessing the scheme from August 1. Businesses can now apply for funds of up to £2million for any legitimate business interest and unlike previous schemes, for most borrowers, there is no requirement to confirm their business has been impacted by Covid-19.

An individual’s principal primary residence cannot be used as security for the loan, meaning it cannot be automatically be taken if the business was to default on a loan. The government continue to guarantee 70% of the loan to lenders, which enables them to offer finance to more companies and as lower rates as the government carry an element of risk. Lenders will now also consider whether the borrower has a viable business proposition, but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.


Features of the Recovery Loan Scheme

  • Principal Private Residences cannot be used as security
  • Competitive fixed interest rates
  • Funds for any legitimate business use
  • No Covid impact assessment required
  • Borrow from £10,000 to £2,000,000
  • Up to 6 year terms – giving affordable monthly payments
  • Previous RLS, CBILS and BBL applicants can still apply
  • For businesses trading in the UK with a turnover up to £45m, not currently in insolvency proceedings.

Recovery Loans FAQs

Government-backed scheme to help businesses recover from Covid-19 restrictions. Phase 2 of the scheme launching on 1 September 2022

What can a Recovery Loan be used for?

Businesses can borrow between £10,000 and £2,000,000. Any investment plans that require funding can be accelerated using a finance product that protects an individual’s Principal Private Residence. Repayment periods are up to 6 years. The loan can be used for any legitimate business purpose including: equipment, vehicles, cashflow, stock, refurbishments, technology and marketing. 

I thought the Recovery Loan Scheme finished?

The Recovery Loan Scheme was launched on 6th April 2021 and Phase 1 was closed to further applications from midnight on 30th June 2022. However, the UK Government launched Phase 2 of the scheme from 1st September 2022 and initially plans to run the facility until 2024.

How does a Recovery Loan compare to other options?

The government backs 70% of a Recovery Loan which means they carry some of the risk should a business default on the loan. As a result, more businesses can access finance and rates can be more competitive. However the actual rate a business is offered can still vary based on individual credit history and trading circumstances. Traditional business loans offer an alternative and in some circumstances may be more suitable. Asset Finance: Hire Purchase or Lease Finance, typically carries a lower risk for the lender because the asset itself acts as security and can be reclaimed by a lender if the borrower defaults on the loan. Typically this means that rates can be lower, particularly for high value assets.

Your Portman Account Manager can discuss options with you, depending on your intended purchase, but ultimately the choice as to what’s right for your business is yours.

Can I pay my Recovery Loan off early?

You can pay your Recovery Loan off at any time. Your lender can provide you with a settlement fee, which you can then pay directly to them. That’s it.

Portman acts as an approved broker for Recovery Loans and not a lender, check your paperwork to find out who your lender is.

Fulfill a contract Cover a one-off purchase Business growth Stock and equipment Cashflow
How does it work?

We make things easy

We know that finance can sometimes be confusing and stressful, but what we do is simple.


1. Get started in 1 minute.

Enquire without affecting your credit score.


2. Understanding your business.

A dedicated account manager will discuss your needs and collect documentation.


3. Our experts do the leg-work.

We find the right deals, complete applications on your behalf and get you a no obligation quote.


4. Your no-fuss finance is funded.

If accepted, your assets will be bought and delivered or the finance released to your account.

Enquire today
The Recovery Loan Scheme ended on 30th June

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