A new government-backed loan scheme was launched on Tuesday 6 April by the Chancellor of the Exchequer, to provide additional finance to those businesses that need it.
- Loans will include 80% government guarantee and interest rate cap.
- The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021-opened until 31 December 2021.
- 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 – put into place last year.
- From 6 April, businesses – ranging from coffee shops, and restaurants, to hairdressers and gyms – 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.
You can read the Chancellor of the Exchequer’s statement in full here.