What Happened to the Recovery Loan Scheme?

The Recovery Loan Scheme (RLS) closed to new applications on 30 June 2024. It was replaced by the Growth Guarantee Scheme (GGS), which opened on 1 July 2024 and is now the main government-backed loan scheme for UK businesses. 

What was the Recovery Loan Scheme?
The RLS launched in April 2021 to help businesses recover from the pandemic. The government gave lenders a partial guarantee, making it easier for businesses to access loans, overdrafts, asset finance and invoice finance.

What replaced it?
The Growth Guarantee Scheme works in a similar way. It’s run by the British Business Bank and delivered through accredited lenders. The government guarantees part of the lender’s loan, but your business remains fully liable for the debt. Eligibility, loan sizes and terms change from time to time, so see our Growth Guarantee Scheme page for the current criteria.

I already have a Recovery Loan. What happens now?
Existing Recovery Loans aren’t affected. Your loan continues on the terms you agreed, including repayments and any personal guarantee. Speak to your lender about anything relating to your existing facility.

Can I still get government-backed finance?
Yes, if your business is eligible for the Growth Guarantee Scheme. Millbrook works with GGS-accredited lenders and can help you find out whether you qualify.

Explore Growth Guarantee Scheme loans → Check your eligibility