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The Recovery Loan Scheme opens for applications.

Recovery Loan Scheme

The UK Government has launched the next stage of financial support for businesses impacted by COVID-19.

The Recovery Loan Scheme, which was announced in the budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders.

Businesses can access loans varying in size from £25,000 up to a maximum of £10 million. Invoice and asset finance is also available from £1,000. The UK Government will provide an 80% guarantee to the lender on all loans. Interest rates have been capped at 14.99% and are expected to be much lower than that in the vast majority of cases.

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 information about the Recovery Loan Scheme please read the full press release.

If you need any specialist advice from our team of legal experts about the impact of COVID-19 on your business, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Senior Partner, Mark Loosemore, or Partner, Siôn Tudur to find out more.

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