Lets look at who are the current available Recovery Loan Scheme Providers & Lenders.
In order to offer the UK governments Recovery Loan Scheme (RLS), lenders have to be accredited by the British Business Bank. The scheme was first launched in April 2021, as a replacement to the previous Covid support loans Bounce Back and CBILS.
Initially there was just a handful of high street banks accredited to the scheme. However now there are currently 79 accredited Recovery Loan Scheme lenders and providers (at time of writing December 2021).
UPDATE – 2nd August 2022: The previous Recovery Loan Scheme ended on 31st June 2022. On the 1st August 2022 the government has announced a new version of the RLS scheme.
Update 16th October 2023: With the third iteration of the RLS scheme still active, we have updated the current known list of accredited lenders below.
Which Lenders & Providers Offer The Recovery Loan Scheme?
In total there are currently 79 accredited lenders, approved for RLS by the British Business Bank. The financial products on offer and eligibility criteria does vary significantly between them. Although there is some standard Recovery Loan Scheme criteria, each provider will have their own underwriting.
Lets look at the full list of approved funders for each product:
Asset Finance RLS Providers
The lenders below are purely focusing on providing Asset Finance under the Recovery scheme.
Invoice Finance RLS Providers
These lenders are offering RLS Invoice Finance, such as Factoring and Confidential Discounting.
RLS Term Loan Providers
This list of lenders are accredited to offer term loans nationally under the scheme of up to 6 years. From £25,001 up to currently £10m, although this drops to £2m from 1st January 2022. Some are open for application from new customers but some only for existing clients.
Summary: Which Recovery Loan Scheme Lender Can You Apply With?
You could apply with your existing bank or potentially with a large number of the above accredited lenders. You need to choose one that offers the product you want and meet the eligibility criteria for.
If you are unsure of who to apply with, then you could use an independent commercial finance brokers such as ourselves. Even if you have been declined elsewhere.
We will match you with a funders you are eligible to apply with. Then we will process your application on your behalf, guiding you through the whole process to the end.
To speak with one of our RLS brokers, please call 0161 5469128 or fill in the form below.
We do not charge any broker fees for this service.
Apply For The Recovery Loan Scheme Today
Find out more about the Recovery Loan Scheme with the articles below