Recovery Loan Scheme Launches Today
The Recovery Loan Scheme is the new government-backed loan scheme and was announced in the budget earlier this year.
The scheme launches today (6 April) and its main aim is to ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
Good to know:
- The new loan scheme will provide further support to protect businesses and jobs
- It runs until 31 December 2021
- Loans will include 80% government guarantee and interest rate cap (interest rates have been capped at 14.99% and are expected to be much lower than that in the vast majority of cases)
- Loans will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders
- 26 lenders have already been accredited for day one of the scheme, with more to come
- Businesses can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000
- The Recovery Loan Scheme can be used as an additional loan on top of support received from the emergency schemes – such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme.
For more detailed information, please visit Recovery Loan Scheme launches today – GOV.UK (www.gov.uk)