*Update 2024* From 1st July 2024 The Recovery Loan Scheme Now Growth Guarantee Scheme

The Recovery Loan Scheme (RLS) is now  the Growth Guarantee Scheme helping small businesses to grow 

For information on the new, re branded Growth Guarantee Scheme (GGS) funding small businesses investment and growth click here.

The following information is on the GGS predecessor, the Recovery Loan Scheme which was introduced in 2021. 

This new scheme launched today (6th April) to help businesses of any size access loans and other finance options to support recovery after the COVID-19 pandemic. It replaces the government guaranteed schemes, including CBILS and BBLS, which closed at the end of March.

  • Up to £10 million available per business (actual amount and terms at the discretion of participating lenders

  • Government guarantees 80% of the finance to the lender (It should be noted the borrower is always liable to 100% of the debt)

  • Scheme is open until 31st December, 2021

You can borrow from this fund even if you have borrowed from other funds (the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS.)


  • Business is trading in the UK

  • Would be viable had it not been for the pandemic

  • Has been adversely affected by the pandemic

  • Is not in collective insolvency proceedings

What’s On Offer

  • Term loans or overdrafts of between £25,001 and £10 million per business

  • invoice or asset finance of between £1,000 and £10 million per business


The maximum length of the facility depends on the type of finance you apply for and will be:

  • Up to 3 years for overdrafts and invoice finance facilities

  • Up to 6 years for loans and asset finance facilities

To Note:

  • No personal guarantees will be taken on facilities up to £250,000

  • A borrower’s principal private residence cannot be taken as security

  • Banks, building societies, insurers and reinsurers (but not insurance brokers), public-sector bodies and state-funded primary and secondary schools cannot apply.

Click here for accredited lenders. 


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