Released 06 April 2021
The government-backed recovery loan scheme aimed at providing additional finance to businesses that need it, launched on 6 April 2021.
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. 26 lenders have already been accredited for day one of the scheme, with more to come shortly, and the government will provide an 80% guarantee for all loans. Interest rates have been capped at 14.99% and are expected to be much lower than that in the vast majority of cases.
Further details can be found in the HMT press release Recovery Loan Scheme launches today.