• 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.

(Source: www.gov.uk)