A specialist bank serving the blended financial needs of business owners, property entrepreneurs and family businesses.

Eligibility criteria – Who can apply

Recovery Loan Scheme (RLS) loans are only available to eligible businesses (existing Cynergy Bank customers and new customers). 

To be eligible to apply, businesses (including sole traders, partnerships or limited companies) must:

  • Be UK based in its business activity
  • Generate more than 50% of its turnover from trading activity
  • Be experiencing lost or deferred revenues as a result of COVID-19
  • Have a borrowing proposal which, were it not for the current pandemic, would be considered viable by Cynergy Bank.

Important information for new customers - Cynergy Bank is a secured lender and will assess the application for RLS funding alongside a re-finance of existing debt secured with other lenders. This is subject to a satisfactory valuation and completion of the legal requirements, the costs of which are payable by the borrower.

RLS may not be available to business who were experiencing financial difficulty before COVID-19. This will be discussed during the application process.

We are currently offering term loan and overdraft facilities from £1m through the scheme.

The amount of the facility applied for must not be more than:

  • Double the annual wage bill of the applicant for 2019 or if the applicant commenced trading after 1 January 2019, the estimated annual wage bill for the first 2 years of operation; or
  • 25% of total turnover of the applicant in 2019; or
  • The applicant’s liquidity needs for the next 18 months for SMEs (this may be self-certified by the applicant).
  • Maximum amount per Group is limited to £30m.

Please contact rlsteam@cynergybank.co.uk if you have questions about eligibility criteria or the applications process.

If you are an existing Cynergy Bank business customer and are not eligible to apply for a RLS loan but have lost or deferred revenues as a result of COVID-19, please contact your Relationship Manager or Contact us.

The borrower remains fully liable for the debt.
Please note that we are a secured lender with such security typically being formed of freehold or long leasehold (75+ years unexpired) property owned by the business or its owners although it cannot be a Principal Private Residence.


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 http://www.british-business-bank.co.uk/recovery-loan-scheme