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The Recovery Loan Scheme (RLS) - Extension Announced

Writer's picture: KeySMEKeySME


The recent Autumn Budget & Spending Review saw Rishi Sunak announce a six month extension of the Recovery Loan Scheme (RLS) to 30th June 22.


However, the chancellor also outlined a number of changes to the scheme which will come into effect from 1st January 22:

  • The scheme will only be open to small and medium sized enterprises (SMEs) with turnover less than £45m

  • The maximum amount of finance available will be £2,000,000 per business (maximum amount per Group will be £6,000,000)

  • The level of government guarantee provided to lenders will reduce from 80% to 70%*

These changes will apply to all lending offers (under the RLS) made from 1st January 22. With this in mind - and with funders having different lead times - RLS borrowers should check to understand which terms will apply to their application.


Since the scheme was launched in April 21, over £1,000,000,000 has been made available to UK businesses to support their recovery from the COVID-19 pandemic, through 76 accredited lenders. To learn more about how the scheme works and applicant eligibility, you can access our comprehensive guide here.


*The government guarantee is to the lender. The borrowing entity will always remain 100% liable for any debt under the RLS.

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