The 6th April 2021 marked the launch of the new government backed Recovery Loan Scheme (RLS). The previous schemes CBILS and Bounce Back Loans are now closed for new application.
Many people are asking what the features are of the new government loan scheme. Also how it compares to the previous loan schemes CBILS & BBLS.
To help we have compiled a handy side by side comparison table below, comparing the different features of each scheme.
Update 2nd August 2022: The first version of the Recovery Loan Scheme ended 31st June 2022. A new version has been released on 1st August 2022. Apply Now.
Recovery Loan Scheme vs Coronavirus Business Interruption Loan vs Bounce Back Loan
The table below shows the differences between the old and new government backed loan schemes.
RLS vs CBILS vs BBLS Table
| Features | RLS Recovery Loan Scheme | CBILS | BBLS Bounce Back Loan |
| Loan Amount | £1000 to £10 Million | £50k to £5 Million | Up To £50k |
| Term | Max 6 Years | Max 6 Years | Max 10 Years |
| First 12m Interest Paid By Government | No | Yes | Yes |
| Lender Fees Paid By The Government? | No | Yes | Yes |
| Maximum Interest Rate | 14.99% Annual APR | 2% Annual APR | |
| Government Lender Guarantee | 70% | 80% | 100% |
| Personal Guarantee (PG)? | Until 31/6/22 None Up To £250k From 1/08/22 Maybe Required | None Up To £250k | None |
| Minimum Trading History | None | 1-2 Years | Trading Prior To 1st March 2020 |
| Can You Have More Than One Loan? | Yes: Can Apply With Bounce Back or CBILS | Repay BBL To Access CBILS Can Have Multiple CBILS | Must Repay Bounce Back To Access CBILS |
| When Does the Scheme end? | TBC | 31st March 2021 | 31st March 2021 |
The RLS scheme is being administered by the British Business Bank. Full details of the scheme can be found on their website here.
Apply For The Recovery Loan Scheme (RLS)
As an independent commercial finance broker, we can help you apply for the Recovery Loan Scheme.
We work with a large number of approved RLS lenders.
Get in touch on 0161 5469128 or fill in the form below: