The loan will be divided among the Cardiff Blues, Dragons, Ospreys and Scarlets and was to be repaid over a five-year period, the BBC said.
WRU Chairman Gareth Davies had previously said the governing body was projecting a shortfall of around 50 million pounds in revenue if no more international rugby could be played this year.
"I am delighted the loan has now come through," Phillips told the BBC. "It has been a long road, probably longer than I thought, but the point is we have got there.
"I will be in touch with our regional colleagues to see ... when funds will flow. The money is divided by consensus within the four regions to satisfy the individual needs." ($1 = 0.7710 pounds) (Reporting by Arvind Sriram in Bengaluru; Editing by Peter Rutherford )