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07/04/2021- Recovery Loan Scheme launches
A new government-backed loan scheme launched yesterday (6 April 2021) to provide additional finance to those businesses that need it.
- new loan scheme will provide further support to protect businesses and jobs
- loans will include 80% government guarantee and interest rate cap
- government has backed £75 billion of loans to date as part of unprecedented £350 billion wider support package
The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
With non-essential retail and outdoor hospitality reopening next week, Ministers have ensured that appropriate support is still available to businesses to protect jobs. From today, businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – and 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 loan is being administered by the British Business Bank available through participating lenders.