Access up to £1 million of straightforward and flexible finance through the government's Recovery Loan Scheme.
Allica Bank is approved to offer asset finance through the Recovery Loan Scheme. It’s a government initiative designed to support access to finance for UK small and medium businesses as they look to invest and grow.
With Allica Bank, businesses can access between £50,000 and £1 million of asset finance through the scheme. It is designed to enable us to offer you better terms.
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.
Businesses who took out a CBILS, CLBILS, BBLS or RLS facility before 30 June 2022 are not prevented from accessing RLS from August 2022, although in some cases it may reduce the amount a business can borrow.
Recovery Loan Scheme - backed facilities are provided at the discretion of Allica Bank. We are required to take standard credit and fraud checks for all applicants.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if Allica can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, we will do so.
The Scheme will run until 30th June 2024, subject to review.
The Recovery Loan Scheme is open to all SME businesses. You can apply even if you’ve had a Bounce Back Loan or Coronavirus Business Interruption Loan Scheme facility.
To be successful, you must meet all of Allica’s usual eligibility criteria, including:
All applications will be subject to credit and fraud checks, as well as lending assessments. Subject to status. Terms and conditions apply.
The Recovery Loan Scheme is open to all SME businesses. You can apply even if you’ve had a Bounce Back Loan or Coronavirus Business Interruption Loan Scheme facility.
To be successful, you must meet all of Allica’s usual eligibility criteria, including:
All applications will be subject to credit and fraud checks, as well as lending assessments. Subject to status. Terms and conditions apply.
Turnover limit: The scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where a part of a group).
UK-based: The borrower must be carrying out trading activity in the UK.
No Covid-19 impact test required: Unlike with the previous phases of the scheme, for most borrowers there is no requirement to confirm they have been affected by Covid-19. For charities and Further Education colleges, confirmation of Covid-19 impact will still be required in some instances.
Viability test: Allica Bank will consider that the borrower has a viable business proposition but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.
Business in difficulty: The borrower must not be a business in difficulty, including not being in relevant insolvency proceedings.
Purpose: The Facility must be used to support trading in the UK and cannot be used to support certain export related activities. There are certain restrictions on the use of proceeds of facilities in the agriculture, fisheries and aquiculture, and road freight transport sectors for borrowers impacted by the Northern Ireland Protocol.
Please note, the following are not eligible under Recovery Loan Scheme:
The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme
You can find out more about our asset finance options and how to apply on our asset finance page.
Simply let your relationship manager know that you’d like to apply through the scheme when you make your application.
With our intuitive Introducer Portal and access to our team of SME lending experts, brokers can expect clarity, consistency and collaboration from us every step of the way.
Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 821851). Registered office: 4th Floor, 164 Bishopsgate, London EC2M 4LX. Registered in England and Wales with company number 07706156.
Allica Bank savings accounts and business current account products are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Allica Bank lending products are not regulated products.
Asset finance and growth finance services are provided by Allica Financial Services Limited trading as Allica Bank Asset Finance. Registered office: 4th Floor, 164 Bishopsgate, London EC2M 4LX. Incorporated under the laws of England and Wales with company number 12784979. Allica Financial Services Limited is not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. The asset finance and growth finance products offered by Allica Bank Asset Finance are not regulated products.