To receive a loan from the Government’s Recovery Loan Scheme (RLS), you’ll need to meet the following criteria:

• Business has been impacted by coronavirus
• Minimum of 2 years’ trading history
• Must be a limited company or limited liability partnership (LLP)
• Business is trading in the UK
• Loan is for business purposes (i.e. working capital or investment, and to support trading in the UK)

You can apply for the Recovery Loan Scheme (RLS) if you meet the eligible criteria. We’ll help you prepare the financial information required and assess your application.

If your business has been affected by the coronavirus pandemic and you’re looking for extra funding, the Recovery Loan Scheme (RLS) could be a good option for you. The scheme has no minimum annual turnover requirements and loans up to £250,000 won’t require a personal guarantee.

The Recovery Loan scheme allows you to borrow from £25,001 scheme to £10 million.

Yes. Businesses that have received support under existing Government coronavirus loan schemes will still be eligible to apply for finance under this scheme, provided they meet all other eligibility criteria.

The amount your Recovery Loan will cost will depend on the amount of money you want to borrow, your interest rate and your loan term. We charge a one-off completion fee when you take out your loan, and your interest rate will be calculated based on a number of factors, including your credit score and financials for business lending.

If you’ve been refused credit in the past, whether that’s through a previous Government coronavirus loan scheme or a traditional business loan, you may still be able to apply for the Recovery Loan Scheme (RLS). If you meet the eligibility criteria, your provider will review your application and make decisions on a case-by-case basis. Providers are required to undertake their own credit assessments and therefore decisions may vary depending on the provider.