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Kriya Lending

How to apply for the Recovery Loan Scheme

Kriya Team
September 23, 2021
min read
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There’s no denying that 2020 was tough, but things are looking up in 2021. The economy is enjoying a better than expected recovery as restrictions continue to ease. Right now businesses are doing everything they can to make sure they’re primed to grow.

Applying for RLS

We’re very excited to announce that Kriya is now accredited to offer loans to small businesses through the Recovery Loan Scheme.

The scheme is designed to accelerate your post-pandemic ramp-up so you can start focussing on the future. Read on to get to grips with our RLS loans, including:


Previous government schemes like The Coronavirus Business Interruption Loan Scheme (CBILS) helped UK SMEs weather COVID-19 disruptions. Now, the British Business Bank’s Recovery Loan Scheme has been launched to accelerate post-pandemic recovery and drive your business forward long into the future.

The government backs 80% of your loan through the scheme, keeping fees low and making finance available to more businesses. Our applications are now live and the scheme is set to run until 31 December this year.

Apply for an RLS loan with Kriya and you could get:

  • between £50,000 and £350,000
  • repayable over 4 to 6 years

Best of all, for the first 6 months you’ll only pay interest on a Kriya recovery loan. After that you’ll also start paying back the loan itself as well in every monthly payment. In technical terms, that means that after 6 months you’ll be repaying the principal (the funds you borrowed) and interest (paid on the funds you borrowed).


A Kriya RLS loan works just like any other loan. If your application is successful you’ll get your funds within 48 hours of signing your documents. Then you can pay for the things that your business needs to grow. Maybe you’ve been waiting on upgrading your equipment or hiring that person who can take a little weight off your team’s shoulders? An RLS loan is a quick and easy way to fuel the next phase for your business.

You’ll pay:

  • A fixed arrangement fee of 4%
  • Interest from 7.6%
  • Nothing for early repayment

And remember, you’ll be making interest payments only in the first 6 months to give you a bit of extra breathing space.

The government stipulates that lenders can’t ask for a Personal Guarantee for RLS loans of £250,000 or less. If you’re not sure what a Personal Guarantee is – or why not having to provide one is good news – you can find out more about that here.


The scheme is designed for businesses that have, in some way, been affected by the pandemic. It’s only open to businesses that are registered and trading in the UK, and you’ll need to undertake fraud and credit checks. We’ve put the full eligibility criteria below.

Whatever sector you’re in, apart from a handful of exceptions below, an RLS loan could come in extremely handy. It’s essentially to help foot the costs of pandemic recovery and boost your growth. For example, if you’ve had to pivot, or are launching a new product or service due to COVID-19 then this could be perfect for you.

It’s not just overhauls and big changes that the scheme will help to support. Whether your warehouse space requirements have changed or you’re experiencing increased demand and need to hire new staff, a cash injection is always a useful boost.

With the economy reopening and rebuilding, you may well be anticipating more work on your plate. Having the funding in place to meet demand may be the difference between surviving and thriving.


Like any finance solution, RLS loans have certain eligibility criteria. And, if we can offer you a non-RLS funding solution on better terms, we will. You can apply for an RLS loan if…

  • You’re a limited company or LLP registered in the UK
  • Your annual turnover is at least £100,000
  • You’ve been trading for 3 years or more and are currently profitable
  • Your company’s directors/primary shareholders live in the UK and at least one is a homeowner

Unfortunately there are some businesses that aren’t eligible to apply for funding through RLS. These are:

  • Banks, building societies, insurers and reinsurers (excluding insurance brokers)
  • Public sector bodies
  • State funded primary and secondary schools

Even if you have or had a Bounce Back Loan or Coronavirus Business Interruption Loan Scheme (CBILS) facility, you can still apply for The Recovery Loan Scheme. You won’t need to refinance and can keep both facilities for their full term.


We know how busy you are so we've kept our application as short and simple as possible. There are no obligations or hidden fees – it’s as straightforward as it seems. All in it should only take around 10 minutes to complete, and you can save and continue later at any time.

When you start your application you’ll need to make sure you have the following to hand:

  • Last 6 months’ bank statements
  • Latest statutory accounts

If you'd like to chat to our team about the scheme and how it could help your business before you apply, simply click here to arrange a call.


The government has offered several lifelines to UK businesses since the pandemic began. Despite the struggles businesses have faced, from supply chain issues to decreased demand, business owners have had financing options available. We’re excited to be able to help viable British businesses excel this year and far beyond through The Recovery Loan Scheme.

It only takes around 10 minutes to apply for and could be the perfect solution to fuel your business ambitions. Find out more here.

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