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Recovery Loan Scheme

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Find out if you are eligible

    Recovery Loan Scheme

    If your business needs support to get back on its feet after the pandemic, you’re not alone. As lockdown restrictions are eased, a government scheme can provide finance to help your business. 

    The government’s new Recovery Loan Scheme offers loans and overdrafts from £25,000 to £10 million to fund any legitimate business activity that will manage cash flow or fund investment and growth. Loan terms are up to six years.

    Do I Qualify?

    Recovery Loans are available for businesses of any size trading in the UK, with no turnover limit. All UK businesses are eligible except for banks, building societies, insurers and reinsurers, public sector organisations and state-funded primary and secondary schools.

    The government provides 80% security and no personal guarantees are required to borrow up to £250,000. Borrowers are liable to repay 100% of the loan plus interest and fees. You can apply to the scheme even if you have already taken out a loan under a previous pandemic scheme (CBILS, CLBILS or BBLS). There is no business interruption period (BIP) so borrowers are liable for interest and associated fees from the outset.

    Most businesses are eligible

    The Recovery Loan Scheme has been designed to accommodate as many businesses in the UK as possible, regardless of size or type. So, whereas you may not have qualified for another government-backed scheme, there is a strong chance you will qualify for this loan.

    Bounce back from the pandemic

    The funds provided through the Recovery Loan Scheme could provide your business with what it needs to make a strong recovery from the pandemic once restrictions are lifted and trade resumes to previous levels.

    No personal guarantees

    It can bring business owners peace of mind to know that no personal guarantees are required in order to take advantage of the scheme.

    Bespoke Commercial Finance R&D Tax Relief Factoring Support

    The Application Process

    Loans will be provided through accredited lenders, who will apply their own criteria for assessing applications including credit checks. 

    You will need to show that your business:

    1. Is viable or would be viable were it not for the pandemic
    2. Has been impacted by the coronavirus pandemic
    3. Is not in collective insolvency proceedings – further details will be provided in due course

    Applications open on 6 April 2021. 

    If you feel your business would benefit from the Recovery Loan Scheme, we can help to secure the best rates. 

    Apply Now


      What our clients say

      “I have worked with Bespoke for several years now and have built up a very trusting relationship with the team. They’re always professional, deal with customers very fairly and ensure they’re offered the most effective solutions to meet their needs. I have no reservations in dealing with Bespoke and their abilities to provide suitable solutions for customers.

      — Scott Campbell

      Head of Barclays Business Sales

      I have recommended Bespoke’s services to a number of our clients, both that have existing factoring facilities and also to clients who are looking at their financing options. The service provided has always been exceptional and the feedback from these clients has been nothing but praise. I would therefore highly recommend the Bespoke team.

      — Tim Pearce

      Managing Partner, Haines Watts

      We contacted Bespoke as we were looking for an invoice finance facility to support the business due to our fast growth. They didn’t disappoint! They gave us first-class advice and support and within a week had provided us with a choice of competitive funding options. Bespoke worked with us through the decision process and helped us secure a finance facility which was ideal for our business and offers the flexibility for future growth. A-first class service throughout.

      — Paul Davison

      Director, Nutraformis

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