Recovery Loan Scheme offers over £1bn to SMEs

Of the £1.06bn of funding offered through 6,190 facilities so far, £822.8m has been drawn down through 5,137 facilities.

The Recovery Loans Scheme launched in April 2021 and is currently scheduled to run until 31st December 2021. The scheme supports borrowing of up to £10m for individual businesses and up to £30m across a group, with funds available for any legitimate business purpose, including managing cashflow, growth and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes.

Catherine Lewis La Torre, CEO of the British Business Bank, said: “Businesses up and down the country are beginning to look beyond the pandemic towards the opportunities available to them in the recovery. The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably in the future. In meeting the £1 billion milestone, the Recovery Loan Scheme is demonstrating its impact by helping thousands of companies to fund their further development.”