Help Enterprise Software Site My Account Personal Business Resources The Recovery Loan Scheme (RLS) supports access to finance for UK businesses as they recover and grow following the COVID-19 pandemic. RLS aims to help businesses affected by COVID-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme. A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so. The Scheme will run until 30 June 2022. Further information can also be found on the British Business Bank website. The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Key Features Is my business eligible? FAQ's Application Key Features Loan size The maximum amount of a facility provided under the scheme is £10m per business (maximum £30m per group). However, please note that for any loans made from 1 January 2022, the maximum amount of finance available will be £2m per business (maximum £6m per group). Please note, the minimum loan size OakNorth Bank offers is £500,000. Type of loan OakNorth Bank offers term loans. If you require an overdraft, invoice finance or asset finance, please visit the British Business Bank website and apply for this with another accredited lender on the scheme. Flexible terms available Spread repayments of your loan over up to six years Interest and fees to be paid by the borrower from the outset Businesses are required to meet the costs of interest payments and any fees associated with the RLS facility. Access to multiple COVID-19 schemes Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access this new scheme although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS. Personal Guarantees As we provide loans of a minimum of £500,000, a personal guarantee may be requested. However, the maximum amount that can be covered under RLS is capped at a maximum of 20% of the outstanding balance of the RLS facility after the proceeds of business assets have been applied. Additionally, a borrowers/guarantors’ Principal Private Residence (PPR) cannot be taken as security to support a Personal Guarantee or as security for an RLS-backed facility. Guarantee to the Lender The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. However, please note that for any loans made from 1 January 2022, the guarantee coverage that the government will provide to lenders will be reduced from 80% to 70%. The borrower always remains 100% liable for the debt. Apply Now Useful Links My Account Business loans Property finance Partners Company Media Loan Partners Savings Partners Meet Our People CSR at OakNorth Blog Contact Us Careers OakNorth Values Modern Slavery and Human Trafficking Statement UK Tax Strategy Climate Change Help and Support: Cookie Policy Terms and Conditions Privacy Notice CRD IV disclosures Internal Audit Charter FAQs Complaints Deceased Customer Process Accessibility Fraud and Security Personal Notice Account Interest Rates Social: Twitter LinkedIn Facebook Visit our Enterprise Software site: OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (Financial Services Register number: 629564. The Financial Services Register can be accessed at www.fca.org.uk/register). Registered Office: 57 Broadwick Street, London W1F 9QS, Registered in England No. 08595042 Cookie consent By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts. Find out more in our cookie policy Accept All Manage consent