Recovery Loan Scheme

CBILS

Recovery Loan Scheme

Register your interest for the Recovery Loan Scheme Interested in a Recovery Loan for your business? Our team of experts are on hand to guide you through the process and help you with any questions you may have.

Customer Reviews

Testimonial - IT Support Business

"The application process was quick and simple, with the funds landing in my business account just 24 hours following the lender acceptance.
I wouldn't hesitate to use this product again, via Asset Funder who have understood what is important to us and have made the process really easy."

James Cannon MD, IT Support Business

What is the Recovery Loan Scheme (RLS)?

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 Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.

Up to £10 million is available 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. As the borrower, you are always 100% liable for the debt.

The scheme is open until 31 December 2021, subject to review.

We work with a range of RLS accredited lenders and can help you find the right finance solution.

Eligibility

You can apply for a loan if your business:

  • is trading in the UK

You need to show that your business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by the pandemic 
  • is not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)

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.

Who cannot apply

Businesses from any sector can apply, except:

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

What you can get

  • 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

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

If you are looking at purchasing new assets, then now is a good time with the availability of super-deduction tax relief.

How long the loan is for

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

How to apply

We have applied to become a provider under the new scheme and will update this page when we have more information.

If your business is in need a recovery loan, you can register your interest by clicking on the button below.

Register your interest

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