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Launch of COVID-19 Recovery Loan Scheme for UK Firms

07 April 2021/Categories: Grants_and_Funding

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. The scheme, which was announced at the Budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a network of accredited commercial lenders. 

The following types of finance will be available:

  • Term loans and overdrafts between £25,001 and £10 million per business.
  • Invoice finance and asset finance between £1,000 and £10 million 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. The borrower is always 100% liable for the debt.

Businesses will be able to apply for a loan if their business is trading in the UK. Applicants will need to show that their business:

  • Is viable or would be viable were it not for the coronavirus pandemic.
  • Has been impacted by the pandemic.
  • Is not in collective insolvency proceedings.

Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.

Business Secretary Kwasi Kwarteng said:

'The launch of our new Recovery Loan Scheme will provide businesses with a firm foundation on which to plan ahead, protect jobs and prepare for a safe reopening as we build back better from the pandemic.'

Applications can be made at any time until the scheme closes at the end of the year.

How To Apply

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

More details can be accessed here

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