Recovery Loan Scheme
The Recovery Loan Scheme, which is an extension of the Coronavirus Business Interruption Loan Scheme, launched on Tuesday 6 April 2021.
Under the Recovery Loan Scheme loans include an 80% government guarantee and interest rate cap. Loans offered through the scheme vary between £25,000 to £10 million and invoice and asset finance is available from £1,000.
The Recovery Loan Scheme is available to businesses who have already borrowed under the previously available government-backed Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme although this may limit the value of the loan available under the scheme.
Similar to the Coronavirus Business Interruption Loan Scheme, loans below £250,000 do not require any form of personal guarantee; loans exceeding this amount may require personal guarantees, but this is up to the discretion of each individual lender.
At this point, no further eligibility criteria has been published by the British Business Bank.
Our Business Services Team has extensive knowledge and experience and can assist with the preparation of management accounts and business plans required for the Recovery Loan Scheme applications. To speak to a member of our team, contact Joanna at firstname.lastname@example.org.