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Replacement to CBILS Scheme comes the Recovery Loan Scheme

The purpose of the Recovery Loan Scheme is to provide UK businesses of any size, access to Business Loans and other kinds of finance so they can recover, grow and succeed during the UK’s economic recovery.

Recovery Loan Scheme

  • Facilities £25,000 to £25m

  • No Personal Guarantees*

  • Up to 7 Year Repayment Terms

  • Funding For Any Legitimate Business Purpose

  • Available in addition to CBILS, CLBILS, & BBLS

  • Competitive Rates Available

What is the Recovery Loan Scheme?

The Recovery Loan Scheme (RLS) is a government backed initiative set up to help UK businesses of any size access Business Loans and other kinds of finance so they can recover after the pandemic. The new scheme replaces previous schemes such as CBILS, CLBILS and the Bounce Back Loan Schemes that ended on the 31st March.

There are a range of finance products available including Business loans, Asset Finance solutions, Invoice Finance and even Overdrafts. The level of funding provided to each business depends on its particular circumstances; the maximum amount available to any given business is capped at £10M.

The scheme can be accessed via Millbrook Business Finance and its partners.


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Am I eligible for the Recovery Loan Scheme?

You can apply for funding via the New Recovery Loan Scheme if your business trades in the UK and has been impacted by the pandemic. Businesses that received support under previous schemes (CBILS, CLBILS BBLS Etc.) are still eligible to apply for funding.

How to apply for a Recovery Loan?

The scheme can be accessed via a panel of approved and accredited lenders in conjunction with Millbrook Business Finance and the British Business Bank. Millbrook Business Finance is regulated by the FCA and have a team of friendly government loan scheme specialists on hand to help UK businesses access the scheme

Check your eligibility via our online form or call us on 0333 015 3301. 

Recovery Loan Scheme FAQ

Why obtain a Recovery Loan?

Obtaining a Recovery Loan could help you to support your business in the following ways

Boost cash flow, support working capital, pay VAT/Tax bills, refinance more expensive debt, grow your business, purchase equipment, pay a one-off cost, help with payroll, Invest in marketing.

The above list is not exhaustive, there are many benefits of obtaining a new loans scheme to promote recovery. Speak to a Recovery Loan Specialist today by calling 0333 015 3301.

Can I apply for the Recovery Loan Scheme (RLS) if I already have a CBILS, CLBILS or Bounce Back Loan?

Yes, businesses that have received support under previous government coronavirus loan schemes will still be eligible to apply for finance under the Recovery Loan Scheme (RLS).

Get in touch via the eligibility checker or give us a call on 0333 015 3301 to speak to one of our Recovery Loan Specialists.

Do I need to give a personal guarantee for a Recovery Loan?

The New Recovery Loan Scheme (RLS) doesn’t require personal guarantees up to £250,000 (per facility).

If you need funding in excess of £250,000 and do not wish to provide a personal guarantee, Millbrook can arrange multiple facilities of £250,000, negating the need to provide a personal guarantee.

When I start making repayment, will the payment be the same each month?

Your recovery loan is made up of two parts; the first is your capital repayment and your interest payment.

Capital repayments – your capital repayment pay off the loan that you have borrowed. These payments will be the same every month until you have paid off your loan.

You will also have to pay interest on your loan each month. Because you will be charged interest on your remaining capital balance, your monthly payment will decrease as you repay your loan i.e. your first monthly payment will be your highest and your last monthly payment will be your lowest.

How does the Recovery Loan Scheme work?

How quickly can businesses receive the money?

This depends on the individual business’ circumstances and funding requirements. Several checks will need to be made to make sure your business has met the eligibility criteria of the scheme.


What if my application is unsuccessful?

If your application isn’t successful, we have a range of other finance solutions for your business. They are all fast, flexible and accessible. Speak to one of our new loans scheme to promote recovery by calling 0333 015 3301 to find out more.


What kind of interest rates will businesses need to pay?

Both fixed and variable interest rates will be available. 

Why Millbrook Recovery Loans?

Recovery Loan Specialists

We have extensive experience of government backed funding

Industry Leading Rates

Competitive Recovery Loan Rates available

Flexible Loan Terms

We can provide recovery loans from 1 to 7 years with interest only periods available

Broad Product Range

Bespoke Asset Finance, Business Loans and Invoice Finance