Lofts, 21, was on the radar of the Holy Blues before signing for Scarborough Athletic last summer, and he went on to have spells at Pickering Town and North Ferriby.
He told the club’s official website: “I am delighted to get things sorted and be joining Gainsborough. The team the manager is putting together with some really good, and hungry young players and the way he wants to play, it excites me and I can't wait to get going!”
Joining the club for a third spell is Orlando-Young, who arrives from Buxton.
The former Norwich City, Exeter City and Ilkeston Town flier had a trial with the Holy Blues under Lee Sinnott, and signed under Liam King and Ross Hannah last summer before leaving to join National League North side Bradford Park Avenue.
He said: “I am looking forward to playing in front of all of the fans, that really excites me. As does playing with all of my team mates, particularly Reco. This season really excites me and I can't wait to get started.”
Fellow new signing Reco Fyde was a team-mate at Ilkeston, where the pair won the Midland Football League title.
The double signing takes Gainsborough’s squad up to 13 for the 2020/21 season so far.
Manager Curtis Woodhouse said: “I’m delighted to welcome Rod Orlando-Young to the football club, Rod has great pace and athleticism and will be a real threat down the left hand side. Rod has a lot of attributes I really like and with a few tweaks I think he can be a fantastic acquisition for us.
"I’m delighted to welcome Luke to the football club, he is another really talented player and one I’ve liked for some time. Luke has been training with us and his attitude and application has been brilliant to go alongside his ability. Luke has that ability to go past players with ease and will be another great addition for us."
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