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Recovery Loan Scheme offers over £4.5 billion of lending to smaller businesses

Press release 20 July 2022

Over £4.5bn of lending offered through more than 20,600 facilities for smaller businesses across the UK

The British Business Bank announces today that, through the Recovery Loan Scheme, accredited lenders have offered over £4.5 billion to smaller UK businesses as they steer a path towards a sustainable recovery.

Of the £4.51 billion of total funding offered through 20,643 facilities, £3.83 billion has been drawn down through 18,338 facilities.

The Recovery Loan Scheme (RLS) launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made some adjustments to its terms. The government provided a guarantee of 80% for loans made before 1 January 2022 and 70% for loans after that date. The borrower remains 100% liable for the debt.

The government announced today that there will be a new iteration of RLS, which will open for applications in August 2022. Further details will follow when the scheme goes live.

The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably. Thousands of businesses in all sectors and from right across the UK have taken out loans under the Recovery Loan Scheme. This will better position them to confront both the challenges and opportunities that are ahead. Catherine Lewis La Torre CEO, British Business Bank

Data as provided to British Business Bank by Recovery Loan Scheme delivery partners as at 12 July 2022. A breakdown of loans offered by region and sector is provided below.

As the scheme matures, we intend to publish performance data half-yearly, based on end of September and end of March data.

Offered by Region/Nation 

Region Loan Amount (£) No. of Facilities No. of Businesses
East Midlands 308,396,589 1,516 1,338
East of England 438,308,374 2,091 1,913
London 1,088,802,067 3,681 3,370
North East 119,225,830 647 566
North West 457,168,099 2,176 1,972
South East 590,008,666 3,117 2,879
South West 301,989,169 1,678 1,550
West Midlands 358,967,740 1,892 1,677
Yorkshire and The Humber 366,257,850 1,599 1,406
Scotland 229,656,651 1,148 1,035
Wales 135,419,424 690 621
Northern Ireland 63,668,087 347 307
Unspecified 56,500,067 61 59

Offered by Sector 

SIC Group Loan Amount (£) No. of Facilities No. of Businesses
Construction 730,649,294 3,059 2,776
Wholesale & Retail Trade And Repair 716,217,512 4,014 3,711
Manufacturing 554,828,898 2,595 2,286
Real Estate Activities 409,875,563 595 564
Admin & Support Service Activities 385,519,463 1,967 1,715
Accommodation & Food Service Activities 318,051,183 1,222 1,120
Professional, Scientific & Technical Activities 295,928,570 1,936 1,828
Information & Communication 228,430,190 1,173 1,097
Human Health & Social Work Activities 219,805,702 791 746
Transportation & Storage 183,697,515 1,053 853
Financial & Insurance Activities 180,532,963 355 318
Arts, Entertainment & Recreation 792,88,038 414 369
Other Service Activities 71,753,058 612 571
Water, Sewerage & Waste Management 55,717,733 239 189
Education 36,180,828 282 272
Agriculture, Forestry And Fishing 28,448,102 234 201
Mining & Quarrying 7,406,022 31 23
Electricity, Gas, Steam & Air Con Supply 5,655,101 48 43
Unknown 3,185,000 2 2
Public Administration & Defence 3,086,876 19 19
Activities Of Households 111,001 2 2

Drawn by Region/Nation 

Region Loan Amount (£) No. of Facilities No. of Businesses
East Midlands 264,801,324 1,411 1,258
East of England 377,536,686 1,926 1,778
London 905,396,830 3,312 3,073
North East 96,749,624 585 517
North West 387,398,499 1,993 1,825
South East 509,200,547 2,879 2,679
South West 250,432,543 1,544 1,436
West Midlands 307,267,333 1,751 1,570
Yorkshire and the Humber 308,758,868 1,465 1,298
Scotland 205,747,068 1,054 962
Wales 117,747,208 639 580
Northern Ireland 53,395,277 309 271
Unspecified 49,136,699 49 48

Drawn by Sector 

SIC Group Loan Amount (£) No. of Facilities No. of Businesses
Wholesale & Retail Trade And Repair 660,850,099 3,797 3,523
Construction 583,542,049 2,845 2,607
Manufacturing 467,701,738 2,311 2,064
Admin & Support Service Activities 336,537,058 1,803 1,598
Real Estate Activities 297,589,793 456 432
Accommodation & Food Service Activities 270,217,158 1,056 990
Professional, Scientific & Technical Activities 261,058,717 1,811 1,716
Information & Communication 206,951,076 1,102 1,037
Human Health & Social Work Activities 180,901,374 720 681
Transportation & Storage 165,039,281 971 801
Financial & Insurance Activities 162,037,798 327 292
Arts, Entertainment & Recreation 62,998,122 359 323
Other Service Activities 59,707,027 570 538
Water, Sewerage & Waste Management 47,274,751 217 175
Education 31,639,367 265 256
Agriculture, Forestry And Fishing 22,449,098 211 183
Electricity, Gas, Steam & Air Con Supply 5,615,101 47 42
Mining & Quarrying 5,156,022 27 21
Unknown 3,185,000 2 2
Public Administration & Defence 3,086,876 19 19
Activities Of Households 31,001 1 1

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