<?xml version="1.0" encoding="utf-8"?>
<!--XBRL document created with Toppan Merrill Bridge  11.4.0.1 -->
<!--Based on XBRL 2.1-->
<!--Created on: 9/23/2026 4:11:46 PM-->
<!--Modified on: 9/23/2026 4:11:46 PM-->
<xsd:schema targetNamespace="http://runwaygrowth.com/20260127" attributeFormDefault="unqualified" elementFormDefault="qualified" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:dei="http://xbrl.sec.gov/dei/2026" xmlns:deprecated="http://www.xbrl.org/2009/role/deprecated" xmlns:dtr="http://www.xbrl.org/2009/dtr" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:cef="http://xbrl.sec.gov/cef/2026" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:us-gaap="http://fasb.org/us-gaap/2026" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:enum2="http://xbrl.org/2020/extensible-enumerations-2.0" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:attributeFormDefault="unqualified" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:rway="http://runwaygrowth.com/20260127" xmlns:cef-pre="http://xbrl.sec.gov/cef-pre/2026">
  <xsd:annotation>
    <xsd:appinfo>
      <link:roleType roleURI="http://runwaygrowth.com/role/DocumentDocumentAndEntityInformation" id="DocumentDocumentAndEntityInformation">
        <link:definition>995200090 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="rway-20260127_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="rway-20260127_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="rway-20260127_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://fasb.org/us-gaap/2026" schemaLocation="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2026" schemaLocation="https://xbrl.sec.gov/dei/2026/dei-2026.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/cef/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:import namespace="http://xbrl.sec.gov/cef-pre/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026_pre.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd" />
  <xsd:element name="NotesWillBeUnsecuredAndThereforeWillBeEffectivelySubordinatedToAnySecuredIndebtednessWeHaveCurrentlyIncurredOrMayIncurInFutureMember" id="rway_NotesWillBeUnsecuredAndThereforeWillBeEffectivelySubordinatedToAnySecuredIndebtednessWeHaveCurrentlyIncurredOrMayIncurInFutureMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="NotesWillBeStructurallySubordinatedToIndebtednessAndOtherLiabilitiesOfOurSubsidiariesMember" id="rway_NotesWillBeStructurallySubordinatedToIndebtednessAndOtherLiabilitiesOfOurSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="IndentureUnderWhichNotesWillBeIssuedContainsLimitedProtectionForHoldersOfNotesMember" id="rway_IndentureUnderWhichNotesWillBeIssuedContainsLimitedProtectionForHoldersOfNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="ActiveTradingMarketForNotesDoesNotCurrentlyExistAndMayNotDevelopWhichCouldLimitHoldersAbilityToSellNotesOrAffectMarketPriceOfNotesMember" id="rway_ActiveTradingMarketForNotesDoesNotCurrentlyExistAndMayNotDevelopWhichCouldLimitHoldersAbilityToSellNotesOrAffectMarketPriceOfNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="OurCreditRatingsMayNotReflectAllRisksOfInvestmentInNotesMember" id="rway_OurCreditRatingsMayNotReflectAllRisksOfInvestmentInNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="OptionalRedemptionProvisionMayMateriallyAdverselyAffectYourReturnOnNotesMember" id="rway_OptionalRedemptionProvisionMayMateriallyAdverselyAffectYourReturnOnNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="IfWeDefaultOnOurObligationsToPayOurOtherIndebtednessWeMayNotBeAbleToMakePaymentsOnNotesMember" id="rway_IfWeDefaultOnOurObligationsToPayOurOtherIndebtednessWeMayNotBeAbleToMakePaymentsOnNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="OurSharesOfCommonStockHaveTradedAtDiscountFromNetAssetValueAndMayDoSoInFutureWhichCouldLimitOurAbilityToRaiseAdditionalEquityCapitalMember" id="rway_OurSharesOfCommonStockHaveTradedAtDiscountFromNetAssetValueAndMayDoSoInFutureWhichCouldLimitOurAbilityToRaiseAdditionalEquityCapitalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="FatcaWithholdingMayApplyToPaymentsToCertainForeignEntities.Member" id="rway_FatcaWithholdingMayApplyToPaymentsToCertainForeignEntities.Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="PreferredStock1Member" id="rway_PreferredStock1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="CommonStock1Member" id="rway_CommonStock1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="CreditFacilityWithCibcMember" id="rway_CreditFacilityWithCibcMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="CreditFacilityMember" id="rway_CreditFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="Notes2026Member" id="rway_Notes2026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="Notes2027Member" id="rway_Notes2027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
</xsd:schema>
