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.
Questions?
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.
Apply now