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The Recovery Loan Scheme (RLS) closed to new applications on 30 June 2024. The Growth Guarantee Scheme (GGS) launched on 1 July 2024 as its direct successor — mostly the same, with a few important differences UK SME borrowers should know about in 2026.
RLS is closed. If you’re reading about it in 2026, you almost certainly want the Growth Guarantee Scheme — the direct successor scheme, with the same £25,001–£2m loan ceiling, 70% Government guarantee, and broader sector eligibility. Existing RLS borrowers can still apply for a new GGS loan.
A practical, structured comparison so you can choose with confidence between two of the UK’s most-used SME funding products in 2026.
| Recovery Loan Scheme (RLS) | Growth Guarantee Scheme | |
|---|---|---|
| Status in 2026 | Closed to new applications since 30 June 2024 | Open — live until at least March 2026, additional £500m capacity announced April 2025 |
| Government guarantee | 70% to the lender | 70% to the lender (unchanged) |
| Loan amount ceiling | £2,000,000 | £2,000,000 (unchanged) — £1m for NI Protocol scope |
| Minimum facility | £25,001 (term loan / overdraft) | £25,001 (term loan / overdraft); £1,000 (asset / invoice / ABL) |
| Term length | 3 months — 6 years | 3 months — 6 years (unchanged) |
| Eligible products | Term loan, overdraft, asset finance, invoice finance, ABL | Term loan, overdraft, asset finance, invoice finance, ABL (unchanged) |
| Personal guarantees | PG allowed; PPR cannot be taken | PG allowed; PPR cannot be taken (unchanged) |
| Existing RLS / CBILS / BBLS borrowing | Could not stack with new RLS | Can stack with prior RLS / CBILS / BBLS — eligible to apply for GGS |
| Sector eligibility | Broader than CBILS but had some exclusions | Slightly broader than RLS — very few sector exclusions |
| What you should do | Cannot apply — closed | Apply via the British Business Bank accredited lender panel |
Pricing is identical — same accredited lender panel, same commercial pricing approach, same 2% scheme fee. The British Business Bank guarantee mechanic is unchanged from RLS.
Identical — the underwriting and drawdown process is the same. RLS is closed to new applications anyway.
You cannot apply for new RLS — it’s closed. But you can absolutely apply for a new GGS loan even if you already have a live RLS, CBILS, CLBILS or BBLS facility. The successor scheme explicitly allows this.
GGS — RLS is closed. Every accredited RLS lender that re-accredited under GGS now writes GGS instead.
Every page below feeds the same panel of British Business Bank-accredited GGS lenders. Pick the deep-dive that matches your question, or jump to grants and alternative funding routes.
Important information: The Business Hub is a credit broker, not a lender. We introduce UK businesses to a panel of lenders and finance providers. Business finance products for limited companies (including unsecured loans, merchant cash advances and Growth Guarantee Scheme facilities) are generally not regulated by the Financial Conduct Authority. Any rates or quotes shown are indicative, for information purposes only, and subject to status, lender criteria and separate terms & conditions. Personal Guarantees and Indemnities may be required — under the Growth Guarantee Scheme the borrower always remains 100% liable for the debt. We may receive a commission from lenders, which can vary depending on the lender, product or other permissible factors; the nature of any commission model will be confirmed before you proceed.
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