Compare Recovery Loans

  • Government-guaranteed Recovery Loans to support business growth
  • £1,000 to £10 million available under the Recovery Loan Scheme
  • Open for applications from 6th April until 31st December 2021
5 products found
  • Funding Circle Recovery Loan Scheme logo
    Peer To Peer

    Funding Circle Recovery Loan Scheme

    • Borrow £25,001 - £350,000 with the Government’s Recovery Loan Scheme
    • No personal guarantee required up to £250,000
    • Rates from 8.6% and 12.1% per year - No early settlement fees
    • Minimum Turnover
      £100,000 p.a.
    • Available Amounts
      £25,001 to £350,000
    • Available Terms
      2 to 6 years
  • EJ Finance Recovery Loans Scheme logo
    Broker

    EJ Finance Recovery Loans Scheme

    • Apply for financial support to aid recovery and growth following coronavirus downturns
    • Use RLS finance for any legitimate business purpose – including cashflow, investment and growth
    • 5* rated brokerage on Trustpilot
    • Minimum Turnover
      £100,000 p.a.
    • Available Amounts
      £25,000 to £10,000,000
    • Available Terms
      3 months to 6 years
  • Funding Xchange Recovery Loan Scheme logo
    Broker

    Funding Xchange Recovery Loan Scheme

    • Borrow £25,001 - £350,000 with the Government’s Recovery Loan Scheme
    • Complete your application online in a little as 3 minutes to see which loans are available to you
    • It’s simple, safe and free and the search won’t affect your credit rating
    • Minimum Turnover
      £100,000 p.a.
    • Available Amounts
      £25,001 to £350,000
    • Available Terms
      3 months to 6 years
  • Swoop Funding Recovery Loans Scheme logo
    Broker

    Swoop Funding Recovery Loans Scheme

    • Register early for access to the Recovery Loan Scheme with 80% govt guarantee and interest rate cap
    • Get matched with the most suitable government-approved Recovery Loan provider
    • Speak to Swoop’s team of five-star Trustpilot rated experts
    • Minimum Turnover
      £100,000 p.a.
    • Available Amounts
      £25,000 to £10,000,000
    • Available Terms
      3 months to 6 years
  • Fluidly Recovery Loan Scheme logo
    Broker

    Fluidly Recovery Loan Scheme

    • Register on Fluidly's waiting list for the Recovery Loan scheme with 80% government guarantee
    • Funding Specialists will support your application and match you to a government Recovery Loan Scheme provider
    • Once on waiting list, Fluidly will submit your application as soon as lenders become accredited
    • Minimum Turnover
      £100,000 p.a.
    • Available Amounts
      £25,000 to £10,000,000
    • Available Terms
      3 months to 6 years

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Last updated on 10 August 2021.

Recovery Loan Scheme FAQ

What is the Recovery Loan Scheme?

The Recovery Loan Scheme aims to help businesses build and grow as they come to terms with the effects of the pandemic. This scheme will allow businesses to continue to access support once other government loan schemes (CLBILS, CBILS, BBLS) close.

Recovery Loans come with an 80% government guarantee, which means the government will compensate the lender with this percentage of the loan if the borrower isn’t able to repay it. The guarantee aims to encourage lenders to approve loans to businesses, as it reduces the risk of the lender not getting its money back.

Bear in mind that, even with the guarantee, businesses are still fully liable for the debt.

What can businesses use a Recovery Loan for?

The Recovery Loan Scheme is intended to support businesses and help them grow, but there are no restrictions on what exactly the money should be used for. Businesses could use a Recovery Loan to improve cash flow, to help with payroll costs, to invest in equipment or to fund any other projects that will be useful to their operations.

What is the deadline for Recovery Loan applications?

The Recovery Loan Scheme launches on 6 April 2021 and is set to close on 31 December 2021.

What businesses are eligible for a Recovery Loan?

Most businesses trading in the UK can apply for a Recovery Loan; there are no restrictions regarding turnover or trading history.

However, some businesses, including banks, building societies, insurers and public sector bodies are not eligible for a Recovery Loan.

When applying for the Recovery Loan Scheme, businesses will need to show lenders that they have been adversely affected by the coronavirus pandemic and that, had there not been the pandemic and the subsequent restrictions, their business would be viable.

How much can you borrow through the Recovery Loan Scheme?

The Recovery Loan Scheme can offer term loans and overdrafts from £25,001 to £10 million per business.

Invoice finance and asset finance from £1,000 to £10 million are also available under the scheme.

When do I have to pay back the Recovery Loan?

Repayments will start immediately but you can choose up to six years to repay term loans and asset finance under the Recovery Loan Scheme, and up to three years to repay overdrafts and invoice finance.

Do businesses need to give a personal guarantee on a Recovery Loan?

With some standard business loans, the business owner/director will have to provide a personal guarantee to repay the lender themselves if their business can’t.

However, the Recovery Loan Scheme states that lenders will not take any personal guarantees on credit facilities worth up to £250,000, and that the borrower’s home can’t be taken as security.

If you borrow more than £250,000 under the scheme, lenders may ask for a personal guarantee.

Can businesses apply for a Recovery Loan if they have already received government support?

As long as businesses meet the scheme’s criteria, they can apply for a Recovery Loan. Businesses that have accessed finance from a previous government guaranteed loan scheme such as the Coronavirus Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS), or the Coronavirus Large Business Interruption Loan Scheme (CLBILS) are still eligible for a Recovery Loan.

Will lenders conduct a credit check on businesses that apply for the Recovery Loan Scheme?

Yes, lenders will conduct credit checks and fraud checks on every business that applies for a Recovery Loan. The exact checks and the requirements needed to get a loan may vary between lenders.

Can businesses apply for the Recovery Loan Scheme with bad credit?

Businesses with bad credit can apply for a Recovery Loan, although there is no guarantee that they will be accepted. Lenders will review each individual application and conduct their own checks to decide if a business meets their eligibility criteria for a loan.

Having a good credit score will help your application, but businesses with bad credit that have a viable proposal may be able to find lenders that will approve their application.

Information correct at the time of publishing.

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