Recovery Loan Scheme
The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to review).
The scheme is intended to provide further support to businesses to help them recover and grow following the disruption of the pandemic and the end of the transition period. The new scheme can be used as an additional loan on top of previous support received from other schemes such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme
Under the scheme, the government will provide lenders with a guarantee of 80% on eligible loans provided to UK businesses. The scheme will be open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes.
The following finance options are available:
- Term loans and overdrafts are available between £25,001 and £10 million per business.
- Invoice finance and asset finance are available between £1,000 and £10 million per business.
Finance terms are for up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years. No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security. 26 lenders have already been accredited for the scheme and more are expected shortly.
Latest News
- Tax Diary August/September 2025
09/07/2025 - More...
1 August 2025 - Due date for corporation tax due for the year ended 31 October 2024. 19 August 2025 - PAYE and NIC
- Being paid directly is not a confirmation that you are an employee
09/07/2025 - More...
A Tribunal has provided a landmark ruling over employer-employee status in the context of direct payments made under the
- Autumn Budget 2025: What Changes Might Be on the Horizon?
07/07/2025 - More...
As we look ahead to the Autumn Budget 2025, it is clear that the Chancellor, Rachel Reeves, will be under pressure to
Newsletter
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!