The UK Government’s Recovery Loan Scheme (RLS) aimed to support UK businesses as they recovered from the COVID-19 pandemic, with lending of up to £2m.
GGS is a continuation of RLS and the terms remain broadly unchanged. Find out how much you could borrow with our Growth Guarantee Scheme calculator.
Page written by Ian Hawkins. Last reviewed on May 14, 2025. Next review due April 6, 2027.
Your loan details
This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
Your results
Monthly payments
£
Weekly payments
£
Daily payments
£
Avg. monthly interest
£
Total interest
£
Total cost of finance
£
Apply nowThe Recovery Loan Scheme was a government-backed initiative aimed at providing financial support to businesses affected by the COVID-19 pandemic. The scheme was launched in April 2021 to replace the previous Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). RLS finished in June 2024 and has since been replaced by the Growth Guarantee Scheme.
Under the Recovery Loan Scheme, businesses could apply for loans ranging from £25,000 up to a maximum of £2 million. These loans were designed to help businesses that have been adversely affected by the pandemic, such as those that had to close or reduce their operations due to government restrictions.
The loans were available through a network of accredited lenders, including banks, building societies, and specialist lenders. The government provided a 70% guarantee to lenders, which meant that if a borrower defaults on their loan, the government would cover 70% of the outstanding debt.
Businesses could use the loans for a variety of purposes, including working capital, investment in equipment or machinery, and refinancing existing debt.
The interest rates and repayment terms varied depending on the lender, but the government set a maximum interest rate of 14.99% for the loans.
We work with world class partners to help us support businesses with finance
Swoop Finance Limited helps UK firms access business finance by working directly with businesses and their trusted advisors. We act as a credit broker, not a lender, and do not provide loans or finance products ourselves. We introduce applicants to a panel of lenders, equity funds, and grant agencies based on individual circumstances and creditworthiness.
Commission Disclosure: We typically receive a commission from the finance provider (either a fixed fee or a fixed percentage of the amount you receive) upon successful placement. Different providers pay different rates. For certain lenders, we may have influence over the interest rate, which can impact the total amount payable under your agreement.
Regulatory Information:
FCA: Authorised and regulated by the Financial Conduct Authority as a credit broker (FRN: 936513) and registered as an Account Information Services Provider (Ref: 833145).
ICO: Registered with the Information Commissioner’s Office (Ref: ZA600162); registration can be verified at ico.org.uk.
Company Details: Registered in England & Wales with Companies House (No. 11163382). Registered Address: The Stable Yard, Vicarage Road, Stony Stratford, Milton Keynes, MK11 1BN. VAT Number: 300080279.
Terms: All finance and quotes are subject to status, income, and terms and conditions. Applicants must be aged 18 or over. Guarantees and indemnities may be required. Please refer to our terms and conditions and our complaints procedure for further details.
UK
IRE
AU
CA
US
ZA
NA
yet? Register here!