Recovery Loan Scheme launches today

A new government-backed loan scheme launches today (6 April) to provide additional finance to those businesses that need it. 

The new loan scheme will provide:

  • further support to protect businesses and jobs
  • loans that will include 80% government guarantees and an interest rate cap.

The new loans will add to the £75billion of loans the government has backed to date as part of a £350billion wider support package for business.

The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.

The scheme enables businesses to access loans varying in size from £25,000 to a maximum of £10million. Invoice and asset finance is available from £1,000.

The Chancellor of the Exchequer, Rishi Sunak, says: "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."