Get ready for a Recovery Loan

Get ready for a Recovery Loan

Good news for small businesses: the government’s new Recovery Loan Scheme will begin on 6 April 2021 – a replacement for Coronavirus Business Interruption and Bounce Back Loans.

We've applied to be accredited for the Recovery Loan Scheme. Here is what we know about these loans so far:

  • You can borrow from £25,001 to £10,000,000 over 6 years

  • There’s no limit based on your turnover (unlike CBILS)

  • You might be eligible if you already have a government-backed loan

We've been supporting over 50,000 small businesses with access to finance since 2012.

Will I be eligible for a Recovery Loan?

Here is what we know about the eligibility criteria for businesses so far:

  • need to be based in the UK
  • need to be viable (or would’ve been, if not for the pandemic)
  • have been impacted by coronavirus
  • are not in collective insolvency proceeding

For more information visit the British Business Bank Website.

Want to know more about iwoca?

Here is a bit more information we think might help. If you want to know more about iwoca, check our FAQs

We’re one of the fastest-growing business lenders in Europe. We started seven years ago specifically to lend to small businesses – since then, we’ve grown from a start-up to a team of over 275 iwocans, all working to one goal: to help one million small businesses.

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We're here to help

Small business loans are all we do, so you'll get straight through to someone who can help, like Lisa – we're not fans of hold music. Call us from Monday to Friday (9am - 6pm). We accept applications over the phone.

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