British Business Bank launches asset-based lending variant of the Recovery Loan Scheme

Recovery Loan Scheme

The Recovery Loan Scheme (RLS) is designed to support access to finance for UK businesses. Businesses can use the finance for any legitimate business purpose – including managing cash flow, investment and growth. However, businesses must be able to afford to take out additional debt finance for these purposes. As at 30 June 2023, businesses had drawn 20,081 facilities, totalling £4.34bn, through the earlier iterations of the Recovery Loan Scheme.

The British Business Bank administers the scheme on behalf of the Secretary of State for Business and Trade.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £12.4 billion ^{Read footnote text 1}  of finance to more than 90,000 smaller businesses ^{Read footnote text 2} .

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4 billion in finance to 1.67 million businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at the British Business Bank.

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  Figures as at the end of March 2023

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  Figures as at the end of March 2023