Following on from the closing of the Bounceback and Cbil loan schemes on the 31st March 2021, the replacement to these has been announced.
From the 6th April 2021, applications for the new Recovery Loan Scheme will open, allowing businesses to access loans between £25,000 and £19 million, with 80% of this being guaranteed to the lender by the government.
The recovery loan scheme may be used for any legitimate business purpose, including growth and investment and applications will remain open until the 31st December 2021.
UK businesses of any size can apply, with repayment terms of up to 6 years.
Like the BBL and Cbil loans, no personal guarantees will be taken on facilities up to £250,000, and as before, a borrower’s principal private residence cannot be used as security.
Lenders can be found at the British Business Bank website – here
