Scheme closed. The Recovery Loan Scheme closed on 30 June 2024 and no new RLS facilities can be arranged. It was replaced on 1 July 2024 by the Growth Guarantee Scheme. This entry is kept as a reference definition.
What Was An RLS Loan?
The abbreviation RLS is short for Recovery Loan Scheme. It was a government-backed business loan scheme, created to support businesses recovering from the Covid pandemic.
The Recovery Loan Scheme replaced the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) in April 2021. Applications were made through a borrower’s own bank or one of the lenders accredited by the British Business Bank. As with CBILS, the guarantee protected the lender rather than the borrower, who remained fully liable for the debt.
What Replaced It
The Growth Guarantee Scheme is the government-backed scheme in place today: facilities generally up to £2 million, a 70% guarantee to the lender, and available through British Business Bank accredited lenders. Unlike RLS it is not a recovery measure — it is aimed at funding investment and growth.
If you are looking for business funding now, get in touch and we will talk through whether a scheme-backed or commercial facility suits you better.
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