Boost you business with a recovery loan £10 million
Recovery loan scheme boost your business
The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to review).
If your business has already borrowed from any of the other coronavirus loan schemes namely:
- the Bounce Back Loan Scheme (BBLS)
- the Coronavirus Business Interruption Loan Scheme (CBILS)
- the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The scheme is intend to provide further support to businesses to help them recover and grow. It is help for the following the disruption of the pandemic and the end of the transition period. The new scheme can use as an business loan on top of previous support received from other schemes. Such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme.
Under the scheme, the government will provide lenders with a guarantee of 80% on eligible loans provided to UK businesses. The scheme will open to all businesses. Including those who have already received support under the existing COVID-19 guaranteed loan schemes.
The following finance options are available:
- Term loans and overdrafts are available between £25,001 and £10 million per business.
- Invoice finance and asset finance are available between £1,000 and £10 million per business.
Finance terms are for up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will up to three years. No personal guarantees will take on facilities up to £250,000. The borrower’s principal private residence cannot take as security. 26 lenders have already been accredited for the scheme and more are expect shortly.
