A new government-backed loan scheme launches today (6 April) to provide additional finance to those businesses that need it.
The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
With non-essential retail and outdoor hospitality reopening next week, Ministers have ensured that appropriate support is still available to businesses to protect jobs. From today, businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – and 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.
The Chancellor of the Exchequer, Rishi Sunak, said:
We have stopped at nothing to protect jobs and livelihoods throughout the pandemic and as the situation has evolved we have ensured that our support continues to meet businesses needs.
As we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.