Recovery Loan Scheme
This scheme offers a 70% government guarantee on loans to SMEs of up to £1 million in Northern Ireland.
Businesses may be eligible for a loan through the Recovery Loan Scheme if they:
- are trading in the UK
- have a turnover of £45 million or less
Businesses need to show that they are viable and not in difficulty.
Businesses that received support under the earlier COVID-19 loan guarantee schemes and earlier phases of the Recovery Loan Scheme are eligible to access finance under this scheme if they meet all other eligibility criteria.
Charities and further education colleges that generate not more than 50% of their turnover from trading activity must confirm they have been impacted by COVID-19 in order to be eligible for the scheme. There is no requirement for any other sectors to have been impacted by COVID-19.
Who cannot apply
Businesses from any sector can apply, except:
- banks, building societies, insurers and reinsurers (but not insurance brokers)
- public sector bodies
- state funded primary and secondary schools
What you can borrow
- term loans or overdrafts of between £25,001 and £2 million per business group
- term loans or overdrafts of between £25,001 and £1 million for businesses in scope of the Northern Ireland Protocol
- invoice or asset finance of between £1,000 and £2 million per business group
- invoice or asset finance of between £1,000 and £1 million for businesses in scope of the Northern Ireland Protocol
Lenders may take personal guarantees for facilities of all sizes. A borrower’s principal private residence cannot be taken as security.
- Department for Business and Trade
- British Business Bank