Published: August 3rd, 2022
A scheme to provide loans of up to £2 million to help businesses recover from the pandemic has been extended until 2024.
Small and medium size business can apply for help from the Recovery Loan Scheme provided they can show they have been adversely affected by the pandemic and that the business would no longer be viable without help.
The scheme is not available to businesses in collective insolvency proceedings, but those that have already received help through the earlier Covid-19 guaranteed loans scheme are eligible as long as they meet all the other criteria.
The loans available are worth up to £2 million and the government will underwrite 70 per cent of the lender’s liabilities in return for a lender fee.
Business Secretary Kwasi Kwarteng said:
“Small businesses are the lifeblood of the British economy, which is why we are determined to support our traders and entrepreneurs in dealing with worldwide inflationary pressures.
“The extension of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to thousands of small businesses across the country, while stimulating local communities, creating jobs and driving economic growth in the UK.”
Loans are available through a network of accredited lenders. For full details visit GOV.UK
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