The Recovery Loan Scheme (RLS) launched earlier this week will provide financial support to businesses across the UK as they recover and grow following the Coronavirus pandemic.
BCC’s Suren Thiru was included on the press release welcoming the new scheme which “can play a potentially pivotal role in supporting the recovery by getting credit flowing to the firms who most need it”.
Loans will include 80% government guarantee and interest rate cap. 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.
The scheme will run until 31 December 2021, subject to review and be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders.