Government-backed Recovery Loan Scheme -
RLS 3.0

Financial support to businesses backed by the UK Government.

RLS 3.0

The new iteration of the Recovery Loan Scheme (RLS) launched in August 2022 and is designed to support access to finance for UK small businesses as they look to invest and grow.

RLS 3.0 is a government backed scheme which carries the assurance that in the event of a business failing to meet its loan obligations, the lender can recover 70% of the remaining loan amount from the government.

This assurance instils lenders with the trust and certainty they need to extend loans to businesses, even those which previously may have been declined.

It's important to note that as the borrower, you remain fully responsible for 100% of the debt.

You could be eligible for the Recovery Loan Scheme if you:

  • Have a turnover of less than £45 million
  • Are trading in the UK
  • Are not a business in difficulty, including not being in relevant insolvency proceedings.

Eligibility

Turnover

A maximum turnover of £45m.

Trading History

To acquire this form of funding, you must have at least 6 months trading.

UK Registered Business

We can only find funding solutions for UK Limited Companies.

FAQs

How much can I borrow with a Recovery Loan?
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With RLS 3.0 you can borrow from £25,001 to £250,000.

Am I eligible for RLS 3.0?
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To be eligible to apply for the Recovery Loan Scheme with Funding Circle, you must:
- Have a turnover of up to £45 million
- Be trading in the UK for a minimum of 2 years
- Be a limited company
- Use the loan for a business purpose such as working capital or investment
- Not be in difficulty or have any collective insolvency proceedings ongoing

How does the Government guarantee work?
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The program offers lenders a 70% government-backed assurance in case a business can't meet its loan repayment obligations, provided that the lender has followed their standard recovery procedures. It's important to note that the borrower remains fully responsible 100% of the debt amount at all times.

How much does a Recovery Loan cost?
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RLS 3.0 interest rates start at 13.7%. All offers will depend on your requirements, borrowing amount and term length. Speak to us today to see what you can be eligible for.

Why use Spark Finance?
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We are not your average broker. We strive to find you the perfect funding facility for your business, in the easiest way possible. We designate a member of our team of specialist finance consultants to you, walking you through the entire process until the funds are in your hands.

Recovery Loan Scheme

“Would thoroughly recommend using Spark Finance, we had great service all the way through the process from Perry. We will definitely be back should we need any more finance for my business”

Reviews from our clients

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Disclaimer: Spark Finance Ltd (Registered office - 18 John Stow House, London, England, EC3A 7JB, Registered Number 10128297) helps UK firms access business finance. Spark is a credit broker, not a lender. Any quotes provided are for information purposes only and subject to status and separate lender terms and conditions. Applicants must be aged 18 and over.  Guarantees and Indemnities may be required.  Spark Finance may receive commission from lenders.  Spark Finance Ltd is authorised and regulated by the Financial Conduct Authority in the UK (FRN 958123).
© Spark Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Their reference number is 958123, and you can use that to find them on the FCA register.