‘Recovery Loan Scheme’ launches today!
The government’s new ‘Recovery Loan Scheme’ to support businesses launches today (6th April).
This is a new scheme that ensures that businesses can continue to access any loans and types of finance after existing COVID-19 loan schemes close.
- Businesses of any size can use the scheme.
- Finance of up to £10 million per business
- Can be used for any legitimate business purpose, including growth and investment.
- Government guarantees 80% of finance to the lender, so they have the confidence to lend to businesses.
The scheme launches on the 6th of April and runs until the 31st of December. Loans will be available through accredited lenders.
What type of finance is available?
- Term loans and overdrafts between £25,001 and £10 per business.
- Invoice finance and asset finance available between £1,000 and £10 million per business.
Is your business eligible?
Your business must be trading in the UK. You will also need to demonstrate that it would be viable if it wasn’t for the coronavirus pandemic and your business has been affected.
Your business will still be eligible if you have received support under the existing COVID-19 guaranteed loan scheme.
You can read more about the scheme here.
Read more about the Budget 2021
We have written about the scheme as well as other new measures introduced by the Chancellor in their latest budget. You can see the blog post here in case you missed it!
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