UPDATE 1: Which fintechs are offering government-backed Recovery Loans?

By Oliver Smith on Friday 23 April 2021

Alternative LendingDigital Banking

The UK’s new government-backed lending package launched at the start of April, so which fintechs are helping to dish out the funds?

UPDATE 1: Which fintechs are offering government-backed Recovery Loans?
Image source: Rishi Sunak/HM Treasury.

UPDATE 22-04-2021 – Article amended to include newly-accredited Recovery Loan Scheme lenders and to update lenders awaiting accreditation.

Nearly 12 months to the day after Chancellor Rishi Sunak unveiled the original CBILS lending scheme to help SMEs, the British Business Bank this month replaced all three of its lending packages.

In their place now stands the Recovery Loan Scheme, a new programme of 80 per cent government-backed loans of between £25,000 and £10m, with interest rates capped at 15 per cent.

Through CBILS, CLBILS and Bounce Back Loans, the British Business Bank has facilitated some £75bn worth of financing for 1.6m businesses, and Recovery Loans will undoubtedly prove similarly popular.

But with yet another new acronym (RLS?), loans with different pros and cons, and a newly accredited list of lenders, there’s a lot to keep track of.

Read more: Recovery Loan Scheme — The good, the bad and the ugly

So here is our run-down list of the fintech and non-bank lenders taking part in the Recovery Loan Scheme, and the government-backed loans they are offering:

Recovery Loan Scheme


After being part of the earlier CBILS scheme and later teaming up with MarketFinance to accelerate its lending, trade finance group Ebury was among the first lenders to be added to the Recovery Loan Scheme on 6 April.

Similar to CBILS, it is currently offering a revolving credit of up to £3m covered by government guarantee through its customer overdraft facility, also with a minimum of £50,000.

Ebury has just updated its website with news of the scheme.

OakNorth Bank

With a minimum loan amount of £500,000, OakNorth Bank is looking to serve the largest business customers with its term loans of up to six years.

The bank adds that the maximum loan amount on offer is £10m per business, although at a group level this can be extended to £30m.

More details here.

Paragon Bank

Publicly-listed fintech, Paragon Bank is also offering loans under the Recovery Loan Scheme.

Paragon has a smaller £2m per business maximum loan size, with term loans and asset finance available from 36 to 72 months and with a minimum loan size of £25,001.

More details here.


Aldermore is focused on asset finance and term loans from £25,000 up to £10m per business, with terms of between three months and six years.

More details here.

Triodos Bank

The latest fintech lender to be accredited, Triodos Bank is offering variable-rate and fixed-rate loans of between £100,000 and £10m under the Recovery Loan Scheme.

More details here.

Not Yet Accredited

Starling Bank

Starling says it is in discussions with the British Business Bank to offer access to the RLS, and says it hopes to be open for applications “soon”.

You can track its progress here.

Funding Circle

Speaking in March on the day that the RLS was announced, Funding Circle’s Lisa Jacobs said the lender was looking forward to “facilitating loans under the new scheme”.

Funding Circle’s homepage currently has a mailing list where you can register to know when its Recovery Loans go live.

Atom Bank

While there are still no details on Atom Bank’s website, the lender has made it clear in comments to the press that it intends to offer access to the RLS for its customers.

Paul Elliott, head of business banking at Atom, told BusinessLive: “Subject to admittance into the new scheme, we plan to remain part of the answer for UK SMEs by offering great value loans under RLS during the rest of 2021.”


Iwoca says “we've applied for accreditation” to join the Recovery Loan Scheme, here’s the best place on its website to keep an eye for updates.

We’ll periodically update this article with newly accredited fintech lenders.


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