Recovery Loan Scheme

Please note that the Recovery Loan Scheme is now closed for new applications

The FSE Group is an accredited delivery partner for the Recovery Loan Scheme (RLS) across London & The Midlands.

Through the Greater London Investment Fund we can support eligible businesses with loans ranging from £100k – £1m.

In the Midlands through the Midlands Engine Investment Fund we can support eligible businesses with loans ranging from £100k – £1.5m.

The Recovery Loan Scheme (RLS) launched on 6 April 2021 and supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.

RLS aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.

A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses, but if a lender can offer a business the choice of a commercial loan on better terms, without requiring the guarantee provided by the RLS, they should do so.


  • RLS amounts available: London based businesses between £100,000 and £1m. Midlands based businesses between £100,000 and £1.5m.
  • Term length: Term loans for up to 5 years.
  • Interest and fees to be paid by the borrower from the outset: Businesses are required to meet the costs of interest payments and any fees associated with the RLS facility.
  • Access to multiple Covid-19 schemes: Businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS.
  • Personal Guarantees: Personal guarantees may be required for facilities in excess of £250,000.
  • Guarantee to the Lender: The scheme provides the lender with a government-backed guarantee against the outstanding balance of the facility. The borrower always remains 100% liable for the debt.


  • Covid-19 impact: The borrower must confirm to the lender that it has been impacted by Covid-19.
  • UK-based: The borrower must be carrying out trading activity in the UK and have a material part of their operations in London or the Midlands.
  • Viability test: The lender will consider that the borrower has a viable business proposition but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19.
  • Credit and fraud checks for all applicants: We will be required to undertake credit and fraud checks for all applicants.
  • Turnover limit: Businesses with a turnover not exceeding £45m per annum.

Ineligible sectors: Please note that the following sectors are not eligible under RLS:

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
  • Public sector bodies.
  • State funded primary and secondary schools.
  • Plus in conjunction with the underlying loan schemes (Midlands Engine Investment Fund & Greater London Investment Fund) additional sectors may be ineligible.

Supporting Information Required for RLS Applications:

  • A full application form.
  • Management accounts.
  • Assets and liabilities statements.
  • Historic accounts – last 3 years if trading that long.
  • 24 month forecast, including cash flow, P&L and balance sheet.
  • Trade debtors and creditors.

The British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit