Loan Scheme

We have submitted an application to become an accredited lender under this new government scheme and will update this page as soon as we have more information to share.


Nucleus Commercial Finance has applied to the British Business Bank to become an official provider under the Recovery Loan Scheme

Up to £10M
3 to 6 years*
Goverment scheme

What Is the Recovery Loan Scheme (RLS)

The Recovery Loan Scheme (RLS) is a government scheme that was launched on 6 April 2021 to support UK SMEs affected by the Covid-19 pandemic by making access to finance easier. Businesses that obtain funding through RLS will be able to use the money for any legitimate business purpose, whether that is to manage cash flow, purchase stock or even fuel growth. Through the scheme, businesses can access various types of finance through accredited lenders, including: Term loan; Overdraft; Invoice Finance and Asset Finance.

Whilst this is a government-backed loan, businesses will need to prove they can afford to borrow additional funds and the borrower is 100% liable for the entire loan amount.

Will I Be Eligible for A Recovery Loan?

  •  UK Based:

    You can apply for a Recovery Loan if your business carries out trading activity in the UK.

  •  Viability check:

    You’ll need to show that your business is viable or would have been viable, had the pandemic not occurred. Lenders may disregard concerns over your business’s short-to medium term performance due to the uncertainty of Covid-19.

  •  Impacted by Covid-19:

    You must be able to confirm to your chosen lender that your business has been negatively impacted by the pandemic.

  •  Credit checks:

    All lenders will be required to undertake credit and fraud checks for all applicants, though these checks may vary dependent on your chosen lender.

  •  Already taken CBILS, BBLS or CLBILS?

    If your business has already taken out a CBILS, BBLS or CLBILS facility, you will still be able to access the Recovery Loan Scheme, though the amount offered by lenders may be less.

  •  Insolvency

    Your business cannot be in collective insolvency proceedings.

If your business has already taken out a CBILS, BBLS or CLBILS facility, you will still be able to access the Recovery Loan Scheme, though the amount offered by lenders may be less.

Key Features of The Recovery Loan Scheme

  •  Borrowing amounts:

    Businesses can borrow up to £10m (£30m per group).

  •  Invoice and Asset funding:

    For invoice and asset finance, the minimum funding amount is £1000.

  •  Terms loans and overdrafts:

    For term loans and overdrafts, the minimum funding amount is £25,001.

  •  Terms range:

    Terms range from 3 months up to 6 years (term loans and asset finance) or from 3 months up to 3 years (overdrafts and invoice finance).

  •  Personal guarantees not required:

    Personal guarantees are not required for RLS facillities of £250k or less. For amounts larger than this, lenders can ask for a personal guarantee, but it cannot be held over Principle Private Residences.

Frequently Asked Questions

Under this scheme, businesses can borrow between £1,000 and £10m. Across a Group, the total RLS facilities can be up to £30m The amount offered to you will vary dependent on the type of finance you apply for, the lender you apply with and in some cases, whether you’ve already accessed a CBILS or CLBILS facility.

Yes, your business can absolutely apply for this new scheme even if you already have an existing government coronavirus loan scheme in place. Note: the amount lenders are prepared to offer your business might be limited if you already have a CBILS or CLBILS facility.

To get funding via RLS, you can visit the British Business Bank’s website for an up to date list of their accredited providers. Each lender will have their own criteria information on the amounts they are able to offer, through which product types and with what terms. Keep checking back or register your interest to see if you can get a RLS loan with Nucleus as we hope to be accredited soon!

As with CBILS, you do not need to provide any personal guarantees for loans that are £250k or less. For larger loans, you might be asked for personal guarantees limited to 20% of the loan amount. Please note that with personal guarantees, any recoveries from PPR (primary residence) are prohibited.

If you previously submitted an application for funding and had it rejected, that doesn’t mean your business can’t try to access funding again. Whether you were rejected in the past for a government coronavirus loan or a traditional commercial loan, it’s worth doing your research to ascertain what options are available to your business. Accredited lenders will review all applications on a case-by-case basis and if you don’t meet the eligibility criteria for one lender, you may find other lenders are still willing to lend you money.