At the Budget on 3 March, the government announced a Recovery Loan Scheme debt finance programme. It launched 6 April and runs until 31 December 2021. Loans can now be accessed, allowing pandemic-affected businesses, from coffee shops to hairdressers, to access loans of £25k to £10m.
As the UK safely reopens part of the economy, the new scheme will ensure businesses continue to have access to finance they need.
The scheme will ensure banks will back loans and will be administered by the British Business Bank. The loans will be available through a diverse network of accredited commercial lenders. Interest rates have been capped at 14.99%.
To be eligible for a loan, your business needs to be trading in the UK, viable had it not been for the pandemic, adversely impacted by Covid, not in collective insolvency proceedings, and in the private sector. Loans can be taken out alongside existing Covid loans and are open to businesses of all sizes.
The scheme aims to help firms refinance, restructure and go for growth.
Current accredited lenders for this scheme can be found on the link below.
British Business Bank: https://bit.ly/3cVY3Bv
For business finance advice including how to access all possible available Covid support, feel free to chat to our team of specialists. Email firstname.lastname@example.org or ring 01267 237534.