Applications for Recovery Loan Scheme Loans closed on June 30, 2022.

The team at Think Business Loans can compare a range of alternative loans. Depending upon how much you need to borrow and for what purpose, you can compare the following types of loans:

• Asset finance
• Invoice finance
• Overdraft
• Term loan

Before we can compare loans, we’ll need to make sure your business is eligible. You can apply for a Recovery Loan Scheme loan so long as your business meets the following conditions:

• It is trading in the UK
• Its ability to operate was affected by Covid-19
• It would be viable if not for the pandemic
• It's not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)

It’s also worth noting that your business won’t be eligible if it falls into one of the following categories:

• Banks, building societies, insurers and reinsurers (but not insurance brokers)
• Public-sector bodies
• State-funded primary and secondary schools

You’ll need to complete an online application to prove your eligibility, and we’ll then compare finance options from a range of Recovery Loan Scheme lenders on our panel.

Once you’ve found a suitable loan and lender, they will carry out full identity, fraud protection, and anti-money laundering checks, before deciding whether to lend to you.

With those checks complete, the lender will then decide whether to lend to you. You may be offered a different type of loan if the lender can find a finance option that has better terms than one you might be offered under the terms of the scheme.

If your application is rejected, we can work to find a different business finance solution.

As well as carrying out the necessary identity and fraud checks, your lender will also want to carry out affordability checks. This means they could ask you to provide the following information:

• A business plan
• Profit and loss records, projected cashflow, forecasts, and other business accounts
• Accounts to show the previous year’s trading
• Details of any assets owned by your business
• Details of any other business borrowing

You might also be asked to provide information on your personal finances.

RLS applications are now closed, but we can search for alternatives . The type of business finance you take out will determine how much you can borrow and for how long.

• Term loans – available for borrowing between £25,001 and £10 million per business. Repayments can be made for up to six years.
• Overdrafts – available for borrowing between £25,001 and £10 million per business. Repayments can be made for up to three years.
• Invoice finance – available for borrowing between £1,000 and £10 million per business. Repayments can be made for up to three years.
• Asset finance – available for borrowing between £1,000 and £10 million per business. Repayments can be made for up to six years.

Applications for Recovery Loan Scheme Loans closed on June 30, 2022. But we search for alternative business loans.

The Recovery Loan Scheme was introduced to help businesses recover and grow following the coronavirus pandemic. If your application is successful, you can use the funds for any legitimate business purpose, including:

• Managing cash flow
• Buying equipment
• Meeting a one-off cost
• Helping with payroll
• Growing your business

Recovery Loan Scheme applications closed on June 30, 2022, but if your business took out one of these government-backed loans, it might still be eligible for further funding.

You can apply for business finance if you have other outstanding business loans, including those that were part of the government's coronavirus support scheme, such as CBILS, CLBILS, and Bounce Back loans.

Lenders will still look at affordability when considering your application.

No. As with any loan, you’re 100% responsible for the repayments of a Recovery Loan Scheme loan. If you fall behind on repayments, this will affect your credit score and your lender could take debt recovery action against you.

The loan is government-backed for up to 80% of the loan value. This means the lender can claim back from the government 80% of the outstanding value of the loan if your business defaults on it. This guarantee was designed to give lenders the confidence to accept as many applications as possible. But even with this government guarantee, as the borrower, you are always 100% liable for the debt.

If your business is rejected for a loan under the Recovery Loan Scheme, the team at Think Business Loans will try to find a different solution.

We can compare business finance solutions from a panel of trusted lenders.

• iFunds gives you an eligibility check without the hard credit search
• Keep track of your account and check your credit score using our smartphone app

To find out more about the Recovery Loan Scheme, give the team at Think a call on 0203 880 9880. We’ll run a free eligibility check and help with your application to help improve your chances of acceptance.