Our ambition to become the UK’s best community bank is more important now than ever, and we want to do everything we can to help our business and commercial customers recover from the impact of the coronavirus pandemic. That’s why we’re proud to be part of the British Business Bank’s Recovery Loan Scheme (RLS).
Backed by the UK Government, you can apply for the Recovery Loan Scheme even if your business already has a Bounce Back Loan or Coronavirus Business Interruption Loan. Plus, you can spread out your repayments across a term of up to six years.
To apply for the scheme through us, you’ll need to already have a Metro Bank Commercial Current Account, or open a new one if your annual turnover is £2 million or more. We’re also opening up the scheme to our existing Business Bank Account customers.
You can borrow from £25,001 up to £10 million depending on the size of your business. You can use the loan for any reasonable business purpose – including managing cash flow, investment and growth.
If you have a Commercial Current Account or Business Bank Account, your Relationship Manager or Local Business Manager can help you apply. If you don’t have a Commercial Current Account, find out how to open one here. If you have any questions, please call 0345 08 08 508 or visit us in store.
The Recovery Loan Scheme (RLS) supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes.
A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.
Guarantee to the Lender - The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.
You will need to provide certain documents when you apply for an RLS-backed facility. These are likely to include:
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 british-business-bank.co.uk
Business Finance Support
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.