Recovery loan scheme offers over £229m of lending to smaller businesses in Scotland

Susan Nightingale, UK Network Director, Scotland, British Business Bank

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THE British Business Bank announces today that, through the Recovery Loan Scheme, accredited lenders have offered over £229m to smaller businesses in Scotland as they steer a path towards a sustainable recovery.

Of the £229.7m of total funding offered through 1,148 facilities, £205.7m has been drawn down through 1,054 facilities.

Total funding offered from the scheme represents 5% of the national total, broadly in line with the relative size of the nation’s business population (6%).

A total of £4.51bn of lending has been offered through over 20,643 facilities across the UK, £3.83bn has been drawn down through 18,338 facilities.

The Recovery Loan Scheme launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made some adjustments to its terms. The government provides a guarantee of 80% for loans made before 1 January 2022 and 70% for loans after that date. The borrower remains 100% liable for the debt.

The government announced today that there will be a successor scheme to RLS, which will open for applications in August 2022. Further details will follow when the scheme goes live.

Susan Nightingale, UK Network Director, Scotland, British Business Bank, said: “The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably. Around one thousand businesses across Scotland have taken out loans under the Recovery Loan Scheme. This will better position them to confront both the challenges and opportunities that are ahead.”

Data as provided to British Business Bank by Recovery Loan Scheme delivery partners as at 12 July 2022. A breakdown of loans offered by region and sector is provided below.

As the scheme matures, we intend to publish performance data half-yearly, based on end of September and end of March data.

Offered

RegionLoan Amount (£)No. of FacilitiesNo. of Businesses
East Midlands308,396,589 1,5161,338
East of England438,308,3742,0911,913
London1,088,802,0673,6813,370
North East119,225,830647566
North West457,168,0992,1761,972
South East590,008,6663,1172,879
South West301,989,1691,6781,550
West Midlands358,967,7401,8921,677
Yorkshire and The Humber366,257,8501,5991,406
Scotland229,656,6511,1481,035
Wales135,419,424690621
Northern Ireland63,668,087347307
Unspecified56,500,0676159
SIC GroupLoan Amount (£)No. of FacilitiesNo. of Businesses
Construction       730,649,294               3,059                    2,776
Wholesale & Retail Trade And Repair       716,217,512               4,014                    3,711
Manufacturing       554,828,898               2,595                    2,286
Real Estate Activities       409,875,563                  595                       564
Admin & Support Service Activities       385,519,463               1,967                    1,715
Accommodation & Food Service Activities       318,051,183               1,222                    1,120
Professional, Scientific & Technical Activities       295,928,570               1,936                    1,828
Information & Communication       228,430,190               1,173                    1,097
Human Health & Social Work Activities       219,805,702                  791                       746
Transportation & Storage       183,697,515               1,053                       853
Financial & Insurance Activities       180,532,963                  355                       318
Arts, Entertainment & Recreation         79,288,038                  414                       369
Other Service Activities         71,753,058                  612                       571
Water, Sewerage & Waste Management         55,717,733                  239                       189
Education         36,180,828                  282                       272
Agriculture, Forestry And Fishing         28,448,102                  234                       201
Mining & Quarrying           7,406,022                    31                         23
Electricity, Gas, Steam & Air Con Supply           5,655,101                    48                         43
Unknown           3,185,000                      2                           2
Public Administration & Defence           3,086,876                    19                         19
Activities Of Households              111,001                      2                           2


Drawn

RegionLoan Amount (£)No. of FacilitiesNo. of Businesses
East Midlands       264,801,324               1,411                    1,258
East of England       377,536,686               1,926                    1,778
London       905,396,830               3,312                    3,073
North East         96,749,624                  585                       517
North West       387,398,499               1,993                    1,825
South East       509,200,547               2,879                    2,679
South West       250,432,543               1,544                    1,436
West Midlands       307,267,333               1,751                    1,570
Yorkshire and the Humber       308,758,868               1,465                    1,298
Scotland       205,747,068               1,054                       962
Wales       117,747,208                  639                       580
Northern Ireland         53,395,277                  309                       271
Unspecified         49,136,699                    49                         48
SIC GroupLoan Amount (£)No. of FacilitiesNo. of Businesses
Wholesale & Retail Trade And Repair       660,850,099               3,797                    3,523
Construction       583,542,049               2,845                    2,607
Manufacturing       467,701,738               2,311                    2,064
Admin & Support Service Activities       336,537,058               1,803                    1,598
Real Estate Activities       297,589,793                  456                       432
Accommodation & Food Service Activities       270,217,158               1,056                       990
Professional, Scientific & Technical Activities       261,058,717               1,811                    1,716
Information & Communication       206,951,076               1,102                    1,037
Human Health & Social Work Activities       180,901,374                  720                       681
Transportation & Storage       165,039,281                  971                       801
Financial & Insurance Activities       162,037,798                  327                       292
Arts, Entertainment & Recreation         62,998,122                  359                       323
Other Service Activities         59,707,027                  570                       538
Water, Sewerage & Waste Management         47,274,751                  217                       175
Education         31,639,367                  265                       256
Agriculture, Forestry And Fishing         22,449,098                  211                       183
Electricity, Gas, Steam & Air Con Supply           5,615,101                    47                         42
Mining & Quarrying           5,156,022                    27                         21
Unknown           3,185,000                      2                           2
Public Administration & Defence           3,086,876                    19                         19
Activities Of Households                31,001                      1                           1
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