Recovery Loan Scheme opens books for business

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

Call +44 (0)330 024 3200 and discover how we can help you.

The Recovery Loan Scheme, the replacement to CBILS and Bounce Back loans, is now open for applications. But unlike its predecessors, the Recovery Loan Scheme is offered on commercial lending terms.

The scheme is designed to help businesses that are financially viable or that would have been viable if not for the pandemic recovery as we emerge from the pandemic.

Businesses can borrow between £25,000 and £10m for term loans and overdrafts, or between £1,000 and £10m against invoice finance and asset finance for up to six years. To qualify, a business will also need to demonstrate that it has been financially impacted by the pandemic.

Our Principal, Simon Speller said: “There are no restrictions on how money borrowed under the Recovery Loan Scheme, with the government expecting businesses to use the cash to manage cash flow, investment and to support growth.

Banks have been slow of the mark to offer Recovery Loans and the list of lenders remains relatively small. We recommend businesses approach their own lenders in the first instance if they wish to explore a Recovery Loan. If they are unable to help, the British Business Bank holds an up-to-date list of lenders.”

Irrespective of which lender a business approaches, they will require evidence that the loan can be repaid. This will include:

  • Management accounts
  • A business plan
  • Historic accounts
  • Schedule of assets

In addition to this, we recommend that applications are supported with forecasts and projections on what the immediate future holds for the business in terms of turnover, profitability and growth. Banks will be more likely to lend if they see positive cash flow projections.

Simon adds: “We can help businesses looking to borrow with forecasting future growth and overheads, reviewing current borrowing and debt and future funding requirements, and in business planning.”

We have created a detailed guide to the Recovery Loan Scheme which can be found here.

Should you require any assistance, please get in contact with one of our friendly experts on or +44 (0)330 024 3200.

Do you need extra information?

Simon Speller - Principal at Hiller Hopkins

Simon has been a Principal since 2008. His clients vary in size & type from small/medium sized enterprises to large FCA regulated businesses. Simon also specialises in cloud accounting and outsourcing.

Contact Simon at or on +44 (0)1923 634435

Based at the following office - Watford