The Recovery Loan Scheme (RLS) launched on 6 April 2021 to support access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.

The Recovery Loan Scheme closed on 30th June 2022 and we are unable to accept any new applications.

Bank of Scotland secured Business Loan

Available to new and existing Bank of Scotland customers.

  • Borrow from £25,001
  • Flexible repayment terms up to 25 years
  • Fixed and variable interest rates available
  • A personalised quotation will be discussed after enquiry
  • No interest-free period, you must be able to afford repayments from month one
  • Other fees and charges may apply
  • Subject to a full credit assessment. You remain 100% liable for the loan, including any accumulated interest. 
  • You must:

    • Require the loan for business use
    • Apply for a minimum of £25,001
    • Be a sole trader, partner or director with authority to borrow on behalf of your business
    • Be aged 18 or over 

Recovery Loan Scheme (RLS)

The Recovery Loan Scheme (RLS) closed on 30th June 2022, so we are unable to accept any new applications.

  • RLS was a government-backed initiative for businesses with a turnover of up to £45 million, who had been impacted by the coronavirus pandemic
  • Lending through the scheme started at £25,001 up to £2 million, for a term of up to 6 years
  • Businesses who took out a loan through the scheme will remain liable for repayment of the loan.

If you need support with your existing loan, please contact your Relationship Manager. If you don’t have a Relationship Manager, please call 0345 300 0268.

Enquire about a Business Loan above £25,000

To enquire about either a Bank of Scotland secured Business Loan or the Recovery Loan Scheme, please answer a few questions.

If you aren’t registered for Business Internet Banking, please contact your Relationship Manager.

To enquire about a loan, please call 0345 300 0268.

Lines open 8am - 6pm Monday to Friday, except on public holidays.

If you would like to enquire about a Bank of Scotland secured Business Loan above £25,000, please call 0345 300 0268.

Lines open 8am-6pm Monday to Friday, except on public holidays.

  • Do I need to have a Business Current Account with Bank of Scotland to apply for a Business Loan?

    You can apply for a Bank of Scotland Business Loan without having a Business Current Account with us. If your application is successful and you do not wish to open a Business Current Account with us, we will open a fee-free Loan Servicing Account until your Business Loan is repaid. You will be given this choice during your application.

    We are only offering the government-backed Recovery Loan Scheme to existing Bank of Scotland business customers. If Bank of Scotland do not provide your main business relationship, please speak to your main bank for support in the first instance. 

    Can I switch my Bank of Scotland Business Current Account after taking out a Business Loan?

    Yes, you are able to switch your Business Current Account to another provider while retaining your Business Loan. If you choose to close your Business Current Account with us, we will open a fee-free Loan Servicing Account until your Business Loan is repaid. 

Small Business Loans

If you’re looking to expand, invest in new equipment or borrow to manage your cash flow, our small Business Loan up to £25,000 can help you.

More about small Business Loans

Helpful guides

Whether it’s for growth or development, there are many reasons why your business may need finance. We could provide help when you most need it.

Lending appeals

The right type of funding can play a vital role in helping your business reach its potential. If your lending application is declined, we will work with the British Bankers’ Association to pursue any raised appeals.

More about lending appeals 


All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.

You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.

There is always the possibility that interest rates may go down, leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.

Whilst all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Bank of Scotland for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstance. Specific advice should always be sought in each instance.

Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

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