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.