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

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.

Catherine Lewis La Torre, CEO, British Business Bank, said:

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.”

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

RegionLoan Amount (£)No. of FacilitiesNo. of Businesses
East Midlands 308,396,589 1,516 1,338
East of England 438,308,374 2,091 1,913
London 1,088,802,0673,681 3,370
North East 119,225,830 647 566
North West 457,168,099 2,1761,972
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 1,5991,406
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 GroupLoan Amount (£)No. of FacilitiesNo. of Businesses
Wholesale & Retail Trade And Repair716,217,5124,0143,711
Real Estate Activities409,875,563595564
Admin & Support Service Activities385,519,4631,9671,715
Accommodation & Food Service Activities318,051,1831,2221,120
Professional, Scientific & Technical Activities295,928,5701,9361,828
Information & Communication228,430,1901,1731,097
Human Health & Social Work Activities219,805,702791746
Transportation & Storage183,697,5151,053853
Financial & Insurance Activities180,532,963355318
Arts, Entertainment & Recreation792,88,038414369
Other Service Activities71,753,058612571
Water, Sewerage & Waste Management55,717,733239189
Agriculture, Forestry And Fishing28,448,102234201
Mining & Quarrying7,406,0223123
Electricity, Gas, Steam & Air Con Supply5,655,1014843
Public Administration & Defence3,086,8761919
Activities Of Households111,00122

Drawn by Region/Nation

RegionLoan Amount (£)No. of FacilitiesNo. of Businesses
East Midlands264,801,3241,4111,258
East of England377,536,6861,9261,778
North East96,749,624585517
North West387,398,4991,9931,825
South East509,200,5472,8792,679
South West250,432,5431,5441,436
West Midlands307,267,3331,7511,570
Yorkshire and the Humber308,758,8681,4651,298
Northern Ireland53,395,277309271

Drawn by Sector

SIC GroupLoan Amount (£)No. of FacilitiesNo. of Businesses
Wholesale & Retail Trade And Repair660,850,0993,7973,523
Admin & Support Service Activities336,537,0581,8031,598
Real Estate Activities297,589,793456432
Accommodation & Food Service Activities270,217,1581,056990
Professional, Scientific & Technical Activities261,058,7171,8111,716
Information & Communication206,951,0761,1021,037
Human Health & Social Work Activities180,901,374720681
Transportation & Storage165,039,281971801
Financial & Insurance Activities162,037,798327292
Arts, Entertainment & Recreation62,998,122359323
Other Service Activities59,707,027570538
Water, Sewerage & Waste Management47,274,751217175
Agriculture, Forestry And Fishing22,449,098211183
Electricity, Gas, Steam & Air Con Supply5,615,1014742
Mining & Quarrying5,156,0222721
Public Administration & Defence3,086,8761919
Activities Of Households31,00111