Recovery Loan Scheme

The Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic. You can apply to the scheme if Covid-19 has affected your business

Have the facts before you apply

These are difficult times we find ourselves in. And, as was true before the COVID-19 crisis, there are no shortcuts when it comes to business finances. But Finpoint is doing what we can, to offer you a simple and easy way to access multiple providers for the Recovery Loan Scheme or assist you with information about it.

We are fortunate to be working with leading organisations such as UK Finance and the Federation of Small Businesses. This gives us a unique vantage point in these uncertain times to get access to information early, so that we can share the latest guidance and advice with you.

Recovery Loan Scheme

As part of the Government’s package to support UK businesses as they recover and grow following the coronavirus pandemic, RLS launched on 06 April 2021 and will run until 30th June 2022. The scheme aims to give SMEs affected by COVID financial support for any legitimate business purpose, such as cashflow, investment, and growth.

You can access the scheme by visiting the British Business Bank directly and enquire with each provider of your choice.

If your business has already borrowed from previous schemes, including the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS), RLS still an option for you, but note that the circumstances limit the amount you may borrow under RLS.

If you register through Finpoint, you can make one simple and easy application, saving you time and effort.

We are working closely with our providers to update our platform as soon as they become a provider of the new scheme.

RLS covers Term Loans, Asset Finance, Invoice Finance and Revolving Credit (Overdrafts) from £1,000 up to £10 million. Please also note that lenders have agreed they will not take personal guarantees as security for lending below £250,000.

£1000 to £10m
Repayment Terms
Up to 6 years
Typical rates?
Government max rate of 14.99% p.a

All interest rates quoted are indicative only as rates will only be confirmed based on the risk profile for each deal. Risk category associated with the deal. This is based on primarily debt survivability and security available for the loan

Advantages of Recovery Loan Scheme

    This is a Government scheme managed by the British Business Bank replacing the now closed CBILS and BBLs schemes. It is aimed at providing SMEs access business loans to help smooth cashflows as the economy recovers during the COVID-19 pandemic. Lorem ipsum dolor sit amet, consectetur adipiscing elit. I would refer not to have pros and to be aware of but to discuss with AI & MK Pros 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.

    Lenders cannot take any form of personal guarantee for loans up to £250,000

    No Turnover limit for applications

    There is a maximum interest rate (including fees) that applies of 14.99% APR

Things to be aware of…

    Not all lenders will be able to provide RLS loan if they are not accredited by the British Business Bank for this product

    Lenders are being encouraged by the British Business Bank – “ 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”.

    The scheme only runs until 31 December 2021

Access the Recovery Loan Scheme

Finpoint is free to use for businesses. We’re 100% transparent about fees and rates, and give you access to the UK’s largest panel of business lenders. We’re also 100% independent. Our only interest is in making sure you get the right business finance.

Explore other funding types