The new iteration of the Recovery Loan Scheme (RLS) which launched in August 2022 is designed to support access to finance for UK small businesses as they look to invest and grow.
The Recovery Loan Scheme aims to improve the terms on offer to borrowers. If we can offer a commercial loan on better terms, we will do so. Businesses that took out a CBILS, CLBILS, BBLS or RLS facility before 30 June 2022 are not prevented from accessing RLS from August 2022, although in some cases it may reduce the amount a business can borrow.
Recovery Loan Scheme-backed facilities are provided at our discretion. We are required to undertake standard credit and fraud checks for all applicants.
Please see our FAQ section below for details on the key features of RLS, eligibility criteria and the required documentation to support your application.
For early resettlement fees, please refer to Section (4) Repayments of our Terms of Engagement.
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-business-bank.co.uk/recovery-loan-scheme.
Our RLS loans can be repaid over a 5 year term. Borrow £25,001 to £250,000.
To apply for a Recovery Loan Scheme (RLS) loan, simply complete our online application form. Once complete, a member of our investment team will respond within two working days.
Typically, the time from application to decision is 2-3 weeks. This is subject to the complexity of the loan and your timely submission of all required documentation. Your investment manager will be happy to discuss this in more detail. Apply now.
The key scheme features include:
Eligibility Criteria include the following:
Please note, the following are not eligible under RLS:
You will need to provide certain documents when you apply for an RLS backed facility. These include:
Decision-making on whether a business is eligible for RLS is fully delegated to the British Business Bank’s accredited RLS lenders.
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.
Early repayment fees apply. Please refer to Section (4) Repayments of our Terms of Engagement.
Fixed or variable rate finance available for up to 100% of your funding requirement.
Impersonal letters and automated telephone services are not our style, all clients are connected with a member of our team.
Each client is recognised as an individual and their business is assessed in the same way.
Loans available to all sectors that are designed to meet the needs of each client.
Various repayment options available.
Follow these steps to apply. We’re here to help throughout the process.
This is where you explain the nuts and bolts of your business. Questions are straight forward and designed to help us understand your need.
We don’t rely on computer generated decisions! At this point you may be asked to shed light on some further details; your own Investment Manager will be in touch.
If your application is successful it’s go time! We’ll transfer funds to your account and you can put them to use right away. If you’re unsuccessful we endeavour to provide feedback and guidance to help you in going forward.
Our clients tell the story best, see how our loans helped them.
"Throughout our journey so far, we have turned to BEF first for our funding requirements."