Recovery Loan Scheme 3.0

The Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic. You can apply to the scheme if Covid-19 has affected your business

Have the facts before you apply

There are no shortcuts when it comes to business finances. But Finpoint is doing what we can, to offer you a simple and easy way to access multiple providers for the Recovery Loan Scheme or assist you with information about it. As we move on from Covid, the impacts are still felt throughout the globe. To aid further recovery, the government will implement a new scheme for SMEs called Recovery Loan Scheme 3.0, which will continue access to finance for UK businesses looking to invest and grow.

We are fortunate to be working with leading organisations such as UK Finance and the Federation of Small Businesses. This gives us a unique vantage point in these uncertain times to get access to information early, so that we can share the latest guidance and advice with you.

Recovery Loan Scheme

As part of the Government’s package to support UK businesses as they recover and grow following the coronavirus pandemic. The scheme will continue the support for facility sizes of up to £2 million for borrowers outside the scope of the Northern Ireland Protocol, and up to £1 million for those in scope of the Northern Ireland Protocol. The British Business Bank will administer the scheme on behalf of the Secretary of State for BEIS. Available finance options may vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.

You can access the scheme by visiting the British Business Bank directly and enquire with each provider of your choice.

You can apply for a loan if your business:

  • Is trading in the UK 
  • Generating more than 50% of its income from trade activity

You need to show that your business:

  • 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
  • For most borrowers there is no requirement to confirm they have been affected by Covid-19

If you register through Finpoint, you can make one simple and easy application, saving you time and effort.

We are working closely with our providers to update our platform as soon as they become a provider of the new scheme.


£1000 to £10m
Repayment Terms
Up to 6 years
Typical rates?
Government max rate of 14.99% p.a

All interest rates quoted are indicative only as rates will only be confirmed based on the risk profile for each deal. Risk category associated with the deal. This is based on primarily debt survivability and security available for the loan

Advantages of Recovery Loan Scheme 3.0

    This is a Government scheme managed by the British Business Bank replacing the now closed CBILS and BBLs schemes. It is aimed at providing SMEs access business loans to help smooth cashflows as the economy continues to recover after the COVID-19 pandemic. Lorem ipsum dolor sit amet, consectetur adipiscing elit. I would refer not to have pros and to be aware of but to discuss with AI & MK Pros RLS gives the lender a government-backed guarantee against the outstanding balance of the facility. As the borrower, you are always 100% liable for the debt.

    Lenders cannot take any form of personal guarantee for loans up to £250,000

    No Turnover limit for applications

    There is a maximum interest rate (including fees) that applies of 14.99% APR

Things to be aware of…

    Not all lenders will be able to provide RLS loan if they are not accredited by the British Business Bank for this product

    Lenders are being encouraged by the British Business Bank – “ if a lender can offer you the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so”.

Access the Recovery Loan Scheme

Finpoint is free to use for businesses and gives you access to a selection of our trusted funders. We’re 100% transparent about fees and rates. We’re also 100% independent, and our only interest is in making sure you get the right business finance.

Explore other funding types