The Recovery Loan Scheme, which originally launched in April 2021 to help businesses recovering from the pandemic, has been extended to 2024
The maximum loan size remains at up to £2m, and the principle behind the extended scheme remains unchanged: the government will underwrite 70% of lender liabilities, at the individual borrower level, in return for a lender fee. Lenders must ensure that the benefits of the government guarantee are passed through to businesses.
You can apply for a loan if your business:
- is trading in the UK
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the pandemic
- is not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)
Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.