Recovery Loan Scheme offers over £4.5bn of lending to smaller businesses New Scheme to Launch August

• Over £4.5bn of lending offered through more than 20,600 facilities for smaller businesses across the UK

The British Business Bank announces today that, through the Recovery Loan Scheme, accredited lenders have offered over £4.5bn to smaller UK businesses as they steer a path towards a sustainable recovery.

Of the £4.51bn of total funding offered through 20,643 facilities, £3.83bn has been drawn down through 18,338 facilities.

The Recovery Loan Scheme (RLS) launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made some adjustments to its terms. The government provided a guarantee of 80% for loans made before 1 January 2022 and 70% for loans after that date. The borrower remains 100% liable for the debt.

The government announced today that there will be a new iteration of RLS, which will open for applications in August 2022. Further details will follow when the scheme goes live.