We're receiving a high volume of enquiries for the Recovery Loan Scheme.
At the moment, we're focused on helping existing customers.
Unfortunately this means we are not in a position to progress with new to bank enquiries at this time.
The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.
The Scheme will run until 31 December 2021, subject to review.
Please note, the following are not eligible under RLS: Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers), public sector bodies, state funded primary and secondary schools.
At the moment, we’re focussed on helping existing customers. Unfortunately, this means we are not in a position to progress with new to bank enquiries at this time.
Your relationship manager will be on hand to help with your application so please speak to them to get started or for any questions on an existing application.
If you don't have a relationship manager, you can enquire about RLS support online or contact us on 0800 756 0800 if you have any questions.
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit www.british-businessbank.co.uk/recovery-loan-scheme