Government Recovery Loan Scheme

Business loans provided under the Government’s Recovery Loan Scheme (RLS)

We are a broker and a lender, so if you don't meet our criteria we work to find you the most competitive rates on the market
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Borrow from £25,001 to £250k

No personal guarantees for loans provided under the Recovery Loan Scheme below £250k
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Finance secured on commercial or residential investment properties (such as buy to let)

This will not include your main residential address. Can be first, or subsequent charge
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Rates from 10% p.a.

Terms from 1 to 3 years
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No early Settlement fees

Flexible terms to fit your unique circumstances
Apply for Business Recovery Loans
Apply online
or call our team
on 020 8142 4385

Government loan scheme to help your business recover and grow

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Use your loan to access cash flow, buy equipment or invest in growth
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Eligible if your business has been impacted by coronavirus and is a UK limited company trading for at least 3 years
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Eligible if your property for security is based in England and Wales
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As a Recovery Loan Scheme lender and broker we support your business by applying to other lenders for additional funding

Used and trusted by UK businesses, just like yours

Click here to read more

Your government recovery loan scheme questions, answered

The Recovery Loan Scheme (RLS) launched on 6th April 2021, and aims to support UK businesses access the finance they need to recover, stabilise and grow, following the Covid-19 pandemic.

The RLS loan can be used for any business purpose including: managing cashflow, investment and growth. The business recovery loan is designed to support businesses that can afford to take out additional finance for these purposes.

Businesses who have taken out a Coronavirus Business Interruption Loan (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan (BBLs) facility are also able to access the new scheme.

The aim and benefit of getting a Recovery Loan is to ensure your business gets the best terms on a loan.  However, if a lender can offer your business the choice of a commercial loan with better terms, without requiring the guarantee provided by the RLS, they will do so.

At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022.

  • The RLS loan scheme will only be open to small and medium sized enterprises (turnover <£45m)
  • The maximum amount of finance available will be £2 million per business (maximum amount per Group limited to £6m)
  • The guarantee coverage that the government will provide to lenders will be reduced to 70%
  • These changes will apply to all offers made from 1 January 2022

Recovery Loan Scheme eligibility

  • Covid-19 impact: The borrower must confirm to the lender that it has been impacted by Covid-19.
  • UK-based: The borrower must be carrying out trading activity in the UK.
  • Viability test: The lender will consider that 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.
  • Credit and fraud checks for all applicants: Lenders will be required to undertake credit and fraud checks for all applicants. The checks and approach may vary between lenders.
  • Turnover limit: The RLS loan scheme will only be open to small and medium sized enterprises (turnover of less than £45m)

Businesses who have taken out a Coronavirus Business Interruption Loan (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan (BBLs) facility are also able to access the new scheme.

However, the amount they have borrowed under a previous scheme may, in certain circumstances, limit the amount they may borrow under the Recovery Loan Scheme (RLS).

The Newable Recovery Loan Scheme interest rates are from 10% p.a. to 14% p.a. and will be communicated to you in an offer letter. Under the Recovery Loan Scheme (RLS) businesses are required to meet the costs of interest payments and any fees associated with the RLS facility.

 

The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.

The following businesses are not eligible under the Recovery Loan Scheme (RLS): banks, building societies, insurers and reinsurers (excluding insurance brokers), public sector bodies, state funded primary and secondary schools.

1 Fill out the form in less than one minute, with some basic information about your business and how much money you need.

2.  A dedicated advisor will be in touch with you within 24 hours, between our working hours of Monday – Friday taking the time to understand your specific requirements. We will then request a few more details from you.

3.  With direct access a range of lenders and our own lending fund we will then find the best deal for you. With no fee charged unless we have successfully supplied you with funding.

As an accredited lender and also a brokerage, our experienced team from across the UK can help your business access other lenders as well as our own funds to secure unique funding packages for your business.

With the finance market hard to navigate, our expert team will hold your hand and identify the best rates available, for your bespoke requirements.

We work with a range of recovery loan scheme lenders to get you the most competitive deal.

This means your business only needs to deal with one, dedicated contact to access a much larger range of funding products.

 

 

At Newable Finance we have a whole suite of cash flow solutions to help businesses like yours access the finance they need.

If you aren’t eligible for a recovery loan, contact us via our cash flow page and an advisor will get back to you within 24 hours, Monday – Friday.

Within our cashflow solutions we provide asset finance, invoice finance, merchant cash advances, construction finance and much more.

 

We look forward to hearing from you!

  • What is the new Recovery Loans Scheme (RLS)?
  • Recovery Loan Scheme (RLS) update: What changes will come into force on 1st January 2022?
  • Am I eligible for the Business recovery Loan scheme?
  • Can my business borrow under the Recovery Loan Scheme (RLS) if it has already taken a Coronavirus Business Interruption Loan (CBILS), Bounce Back Loan (BBLs) or RLS loan elsewhere?
  • How much does the recovery loan scheme cost?
  • How does the recovery loan guarantee work?
  • Which sectors are excluded from the Recovery Loan Scheme?
  • How does the application process work?
  • Why use Newable Finance for the Recovery Loan Scheme?
  • What if I am not eligible for a Recovery loan?

The Recovery Loan Scheme (RLS) launched on 6th April 2021, and aims to support UK businesses access the finance they need to recover, stabilise and grow, following the Covid-19 pandemic.

The RLS loan can be used for any business purpose including: managing cashflow, investment and growth. The business recovery loan is designed to support businesses that can afford to take out additional finance for these purposes.

Businesses who have taken out a Coronavirus Business Interruption Loan (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan (BBLs) facility are also able to access the new scheme.

The aim and benefit of getting a Recovery Loan is to ensure your business gets the best terms on a loan.  However, if a lender can offer your business the choice of a commercial loan with better terms, without requiring the guarantee provided by the RLS, they will do so.

At Autumn Budget 2021, the government announced that the Recovery Loan Scheme will be extended by six months to 30 June 2022.

  • The RLS loan scheme will only be open to small and medium sized enterprises (turnover <£45m)
  • The maximum amount of finance available will be £2 million per business (maximum amount per Group limited to £6m)
  • The guarantee coverage that the government will provide to lenders will be reduced to 70%
  • These changes will apply to all offers made from 1 January 2022

Recovery Loan Scheme eligibility

  • Covid-19 impact: The borrower must confirm to the lender that it has been impacted by Covid-19.
  • UK-based: The borrower must be carrying out trading activity in the UK.
  • Viability test: The lender will consider that 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.
  • Credit and fraud checks for all applicants: Lenders will be required to undertake credit and fraud checks for all applicants. The checks and approach may vary between lenders.
  • Turnover limit: The RLS loan scheme will only be open to small and medium sized enterprises (turnover of less than £45m)

Businesses who have taken out a Coronavirus Business Interruption Loan (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan (BBLs) facility are also able to access the new scheme.

However, the amount they have borrowed under a previous scheme may, in certain circumstances, limit the amount they may borrow under the Recovery Loan Scheme (RLS).

The Newable Recovery Loan Scheme interest rates are from 10% p.a. to 14% p.a. and will be communicated to you in an offer letter. Under the Recovery Loan Scheme (RLS) businesses are required to meet the costs of interest payments and any fees associated with the RLS facility.

 

The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.

The following businesses are not eligible under the Recovery Loan Scheme (RLS): banks, building societies, insurers and reinsurers (excluding insurance brokers), public sector bodies, state funded primary and secondary schools.

1 Fill out the form in less than one minute, with some basic information about your business and how much money you need.

2.  A dedicated advisor will be in touch with you within 24 hours, between our working hours of Monday – Friday taking the time to understand your specific requirements. We will then request a few more details from you.

3.  With direct access a range of lenders and our own lending fund we will then find the best deal for you. With no fee charged unless we have successfully supplied you with funding.

As an accredited lender and also a brokerage, our experienced team from across the UK can help your business access other lenders as well as our own funds to secure unique funding packages for your business.

With the finance market hard to navigate, our expert team will hold your hand and identify the best rates available, for your bespoke requirements.

We work with a range of recovery loan scheme lenders to get you the most competitive deal.

This means your business only needs to deal with one, dedicated contact to access a much larger range of funding products.

 

 

At Newable Finance we have a whole suite of cash flow solutions to help businesses like yours access the finance they need.

If you aren’t eligible for a recovery loan, contact us via our cash flow page and an advisor will get back to you within 24 hours, Monday – Friday.

Within our cashflow solutions we provide asset finance, invoice finance, merchant cash advances, construction finance and much more.

 

We look forward to hearing from you!

Ready to start? Apply now for a government recovery loan

Apply now - it's quick and free

1
Tell us how much you need
Fill out the form in less than one minute, with some basic information about your business and how much money you need.
2
We will contact you within 24 hours
A dedicated advisor will be in touch with you within 24 hours, between our working hours of Monday - Friday.
3
Get your funding
We will be there every every step of the way, with access to a huge range of lenders as well as our own fund we will find you the best deal for your requirements. No fee charged unless we have successfully supplied you with funding.

Or speak to one of our experts over the phone on 020 8142 4385