Facilities £1,000 to £10M
No Personal Guarantees*
Up to 7 Year Repayment Terms
No Early Settlement Fees
Available in addition to CBILS, CLBILS, & BBLS
UK’s Lowest Rates
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.
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.
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
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 Recovery Loan. Speak to a Recovery Loan Specialist today by calling 0333 015 3301.
Millbrook’s interest rates are some of the most competitive in the business finance industry. Our interest rates on the Recovery Loan Scheme start at 2.9% per annum but will depend on the type of finance product being sought.
Millbrook Business Finance DO NOT charge customers an arrangement fee for our services under any circumstances.
Businesses are required to meet the costs of interest payments and any fees associated with a Recovery Loan facility. The British business bank have advised that the annual effective rate of interest, upfront fee and others fees are capped and therefore cannot exceed 14.99%
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).
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.
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 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 Recovery Loan Specialists 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.
Recovery Loan Specialists
We have extensive experience of government backed funding
Industry Leading Rates
UK’s Lowest Rates
No arrangement fees
We DO NOT under any circumstances charge arrangement fees.
Broad Product Range
Bespoke Asset Finance, Business Loans and Invoice Finance
If you are thinking about applying for the Recovery Loan Scheme, carefully consider your options or speak to one of our business finance specialists. There are many different finance products available that may be better suited to your business and its needs. Please find some useful links below.