It’s been a tough time financially for many UK businesses over the past year. So, as we gradually begin to ease out of the pandemic, there’s likely to be an increasing need for extra funding to get your business operations back off the ground and on the road to recovery.
The new Recovery Loan Scheme replaces the now closed Coronavirus Business Interruption Loan Scheme (CBIL) and offers eligible UK businesses a way to borrow up to £10 million in extra funding. If you’re looking to stabilise and grow your company, this may be a lifeline.
The key points of the Recovery Loan scheme
Recovery Loans are available as either term loans, overdrafts, invoice finance or asset finance. The aim of the scheme is to provide cash-strapped UK businesses with the liquidity to get their business plans back on track. This may mean buying new equipment, hiring new staff or investing more cash into the growth and expansion of the business.
Is your business eligible to apply for a loan?
NOTE: It’s worth noting that you CAN apply for the Recovery Loan Scheme, even if your business has already applied for a CBIL or Bounce Back Loan.
Talk to us about applying for a Recovery Loan
An injection of cash into your business may well be the boost that your company needs when it comes to securing your recovery in the post-Covid and post-Brexit landscape.
As your adviser, we can help you prepare all the numbers and reporting that’s required for a Recovery Loan application. We can also help you put together a robust plan and strategy for how to use this extra loan cash, once the funds are made available to you.