As we reported a few months ago when the government announced the scheme, businesses still in need of assistance in terms of cash flow can apply for the new Recovery Loan Scheme.
The new scheme is intended to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period. Support will be available up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders.
Similar to previous schemes, the government guarantees 80% of the finance to the lender. Remember however, as the borrower you are always 100% liable for the debt. From today the scheme is open until 31 December 2021, subject to review by the Chancellor.
As with other loans in the Covid scheme such as bounce backs, the loans are available through a network of accredited lenders, listed on the British Business Bank’s website.
If you would like to review this option for your business, please contact one of our team for assistance.
Best wishes,
Alan
Alan Wright
Coronavirus Support Team
Switch Accountants