Recovery Loan Scheme (RLS)

CBILS and BBL are no longer open for applications – RLS replaces these two facilities.

The scheme covers term loans, invoice finance, asset finance and overdrafts. Businesses can borrow up to £10 million, but there’s no interest or fee-free period.

The government guarantees 80% of the debt and there’s no turnover or trading history requirements. Personal guarantees aren’t needed for loans under £250k.

The scheme is open until 31 December 2021, subject to review.

Who can apply?

You can apply for a loan if your business:

  • is trading in the UK

You need to show that your business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by the pandemic
  • is not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)

Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.

What support is offered?

  • term loans or overdrafts of between £25,001 and £10 million per business
  • invoice or asset finance of between £1,000 and £10 million per business

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

How long is the loan for?

The maximum length of the facility depends on the type of finance you apply for and will be:

  • up to 3 years for overdrafts and invoice finance facilities
  • up to 6 years for loans and asset finance facilities


You apply for the loan directly through a lender

Find a lender

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