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Recovery Loans scheme (RLS)
The RLS was launched to help business during the Covid-19 pandemic and ended in July 2024. The Government has launched an alternative product for businesses, The Growth Guarantee Scheme.
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Recovery Loan Scheme (RLS)
The Recovery Loan Scheme (RLS) closed in June 2022 but was reintroduced shortly after for an additional two years, ending on July 1, 2024.
Over 50 accredited lenders participated, offering loan terms up to six years.
The RLS was a UK government initiative to help businesses recover from the Covid-19 pandemic by providing financial support for investment and growth. Launched on April 1, 2021, it replaced previous Covid-19 business support schemes (CBILS, CLBILS, and BBLS).
Initially, the RLS allowed businesses to borrow up to £10 million with an 80% government guarantee. These terms were later adjusted, and by 2022, the maximum loan amount was capped at £2 million with a 70% government guarantee.
Growth Guarantee Scheme (GGS)
The Growth Guarantee Scheme (GGS) is the replacement initiative designed to increase lending to UK SMEs.
It offers a 70% guarantee to lenders, encouraging them to provide loans to businesses they might otherwise consider too risky. Unlike the RLS, businesses applying for the GGS do not need to demonstrate a Covid-19 impact.
Eligibility for the GGS
To be eligible for the GGS, businesses must:
- Be a UK-based SME with an annual turnover of less than £45 million.
- Have been operating for more than two years.
- Be a limited company, sole trader, limited liability partnership, or cooperative society.
- Not be a bank, public sector organization, or company in insolvency proceedings.
- Not derive more than 50% of income from rental or other non-trading activities.
Businesses that previously received support from the RLS or Bounce Back Loan Scheme can still apply. The GGS offers eligible businesses funding solutions up to £2 million, provided they have a credible business plan.
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