Recovery Loan Scheme

Overview

The Recovery Loan Scheme was introduced in the Spring 2021 Budget to ensure businesses of any size can continue to access loans and other kinds of finance to recover and grow from the impacts of the Coronavirus Pandemic.

The scheme was initially due to end on 31st of December 2021 however, in the Autumn Budget 2021 the Government announced that they were extending the scheme until the 30th of June 2022 with a few criteria changes.

As a commercial finance broker, we can help you apply for the Recovery Loan Scheme; we have a panel of accredited Recovery Loan Scheme lenders.

Eligibility

To be eligible for the Recovery Loan, you will need:

  • To be a business trading in the UK with a turnover no greater than £45million
  • To show that your business is viable or would be viable were it not for the pandemic
  • Proof that your business has been impacted by the coronavirus pandemic (negatively or positively)
  • Proof that your business is not in collective insolvency proceeding

Businesses that have received previous support from the Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme or the Bounce Back Loan Scheme will still be eligible to access finance under this scheme if they meet all the criteria.

Who cannot apply for the Recovery Loan?

  • Banks, building societies, insurers and reinsurers (not insurance brokers)
  • Public sector bodies
  • State funded primary and secondary schools

A lender can provide up to £2million in the following finance solutions:

  • Term loans
  • Overdrafts
  • Invoice Finance
  • Asset Finance 

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Check out recently completed case studies on our Deal Board.

Recovery Loan Scheme (£150,000) - Amplo Commercial Finance Client

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Crewe, Cheshire, CW1 6ZQ

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