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.
We keep our prices simple
Simple Pricing
We’ll only charge interest on your outstanding balance for the days you’re using your business loan – no hidden fees, no long-term commitments. Our business loan rates start at 2% a month for a Flexi-Loan, depending on your business.
Using our Flexi-Loan calculator is easy – use the first slider to choose an amount between £1,000 and £500,000, and then choose how many months you’d like to borrow it for. You’ll be able to see how much you’ll repay each month, and can apply if you decide it’s the right choice for your business.
Total repayment of £6,718(3.33% interest rate per 30 days)
Borrow up to £500,000
For up to 12 months
This loan calculator is only an example, your actual rate for your business loan will vary based on your circumstances. Here’s another example: if you borrowed £10,000 for 12 months at 49% representative APR, with an interest rate of 40% p.a. (variable), then, all in all, the total amount you’d repay would be £12,294.
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