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Recovery Loan Scheme (RLS) - The Juicy Bits

Writer's picture: KeySMEKeySME

Further to our recent post on the Recovery Loan Scheme (RLS), we're pleased to confirm the British Business Bank has now provided outline parameters for the extended scheme.


Following this confirmation, we anticipate accredited lenders will begin to launch their respective propositions over the coming weeks, so keep your eyes peeled for further information through our LinkedIn page and regular #Insights feature.


In the meantime, we've summarised the key features below:

  • Product Range - Applicable products include term loans, asset finance, overdrafts and invoice finance

  • Multiple Schemes - Existing CBILS, BBLS and RLS borrowers can access the scheme

  • Facility Size - The maximum facility (per business group) is set at £2,000,000 (exc. Northern Ireland which sits at £1,000,000)

  • Terms - From 3 months to 6 years on cashflow loans and asset finance; from 3 months to 3 years on overdrafts and invoice finance

  • Pricing - The maximum AER (annual effective rate) is set at 14.99%

  • Security - RLS provides the lender with a 70% government-backed guarantee* against the outstanding balance of a facility

  • Personal Guarantees - PGs can be taken at lender discretion, in line with their normal commercial lending practices.

*Important to note, the borrower always remains 100% liable for the debt.


Whilst we're at it, for prospective applicants, we've also detailed the eligibility criteria below:

  • Turnover - Businesses with turnover up to £45,000,000 (on a group basis, where part of a group) can apply

  • Location - Borrowers must be trading, and generating more than 50% of income, from within the UK

  • COVID-19 - Unlike previous versions of RLS, for most borrowers, there is no requirement to confirm the impact of COVID-19 on trading performance.

  • Status - Borrowers must not be a 'business in difficulty', including not being in relevant insolvency proceedings.

If you'd like to learn more about the mechanics of RLS and see how the scheme could #BoostYourBusiness, please don't hesitate to get in touch!


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KeySME Business Finance Limited, Glenside, The Coppice, Poynton, Cheshire, SK12 1SR is authorised and regulated by the Financial Conduct Authority (FCA) FRN 823899. KeySME Business Finance Limited is a credit broker not a lender. We work with a panel of lenders who will pay us a commission. This amount varies between lenders. KeySME Business Finance Limited is registered in England & Wales under Company Number 11357471. KeySME Business Finance Limited is ICO registered under ZA839156.

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