The next step on the road to recovery

UPDATE 01/01/22: Article amended to reflect change in criteria

UPDATE 11/06/21: Article amended to include “no debenture up to £250K”

With the government-backed Recovery Loan Scheme now replacing the CBILS, CLBILS and bounce back loan schemes, the team at Bathgate Business Finance is continuing to help its clients take the next step on the road to recovery.

During the crisis, our dedicated in-house CBILS team worked tirelessly to help place £31m of funding for some 140 clients, securing jobs and livelihoods in North West England and beyond.

Furthermore, as well as supporting those affected negatively by the pandemic, we also continued to support those businesses that saw rapid growth in demand as a result of the health crisis, such as firms providing PPE and sanitiser.

With repayments now due on CBILS and Bounce Back loans secured at the start of the crisis, we are urging business owners to turn their attention to their finances and start planning now for when the country unlocks and economic recovery begins, with the Recovery Loan Scheme set to be at the heart of that.

Recovery Loan Scheme – Key Points

The scheme aims to help businesses affected by COVID-19 and can be used for any legitimate business purpose, including managing cash flow, investment and growth.

Businesses who have taken out a CBILS, CLBILS or BBLS will be able to access the new scheme, although the maximum they are allowed to borrow will depend on their lender’s assessment and scheme requirements.

  • Open to SMEs with a turnover of less than £45 million
  • Government-backed guarantee of 80 per cent on loans
  • No personal guarantee required on facilities up to £250k
  • No debenture (up to £250k)
  • Minimum facility sizes for asset and invoice finance is £1,000
  • Minimum facility for term loans and overdrafts £25,001
  • Maximum loan is £2 million per business
  • No turnover restriction
  • Variety of products available, including term loans, overdrafts, asset finance and invoice finance facilities
  • Term loans and asset finance facilities are available for up to six years
  • Invoice finance available for up to three years
  • Businesses will be required to meet the costs of interest payments and any fees associated with the facility
  • Scheme will be available until 30th June 2021, subject to review

For more information on the Recovery Loan Scheme, contact or call 0151 625 7323.