The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. The Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period. The Recovery Loan Scheme will accept applications until 30 June 2022. Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of participating lenders.
The government guarantees 80% of the finance to the lender. As the borrower, you are always liable for 100% of the debt. Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.
If you are considering applying to any government loan schemes to support your business, please contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.