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, 2026.
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The 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 RLS finished in June 2024 and has since been replaced by the Growth Guarantee Scheme.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.Â
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.
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