Recovery Loan Scheme (iterations 1 & 2) Performance Data as at 31 March 2023

24 May 2023

The British Business Bank launched the Recovery Loan Scheme (RLS) in April 2021, to support access to finance and growth for UK businesses as they steered a path towards a sustainable recovery following the Covid pandemic. This first iteration of the scheme was originally scheduled to run until 31 December 2021.

In the 2021 Autumn Budget the scheme was extended by six months to 30 June 2022, resulting in the second iteration of the RLS. At that time some adjustments to the Scheme’s terms were made: the government had provided a guarantee to accredited lenders of 80% for scheme facilities offered before 1 January 2022, reduced to 70% for scheme facilities offered on or after that date. The borrower remains 100% liable for the debt.

RLS iterations 1 & 2 were closed to new applications on 30ᵗʰ June 2022.

As part of British Business Bank’s ongoing commitment to promote sustainable accessible funding for UK smaller businesses, to enable them to invest and grow, a new (third) iteration was announced by the government and opened for applications on 1 August 2022. Further details of this current scheme are available on the British Business Bank website.

*Data for the current third iteration of RLS is not included in this publication.

Notes:

On the 1st August 2022 the British Business Bank released details of a 3rd iteration of the Recovery Loan Scheme.

This new iteration of the Recovery Loan Scheme continues to be available through participating lenders, who are listed on the British Business Bank website. The bank has re-opened the scheme in February 2023 for other lenders to apply for accreditation.

Further information, for businesses and lenders, is available on the British Business Bank website.

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