Launch of Recovery Loan Scheme
A new government-backed loan scheme has launched, to provide additional finance to those businesses that need it.
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, which was announced at budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders.