Recovery Loan Scheme

Launching on 6th April 2021

 

 

 

Equipment Finance in uk

 

 

 

 

 

 

 

 

CBILS and Bounce Back Loans being replaced with new Recovery Loan Scheme

Update! - 01/04/2021

The Coronavirus Business Interruption Loan Scheme (CBILS) ended at midnight on the 31st March 2021.

British Business Bank have announced that both CBILS and the Bounce Back Loan schemes with be replaced by the new Recovery Loan Scheme, a government backed loan scheme designed to help and support UK businesses from the ongoing disruption of the COVID 19 pandemic.  This scheme will run from 6th April 2021 to 31st December 2021, subject to review.  British Business Bank have issued initial guidance, with further details being released shortly.

What are the benefits?

  • The government has agreed to guarantee 80% of advances to accredited lenders
  • No personal guarantees will be requested on advances up to £250,000
  • Term loans and overdrafts will be available between £25,001 and £10 million per business
  • Invoice finance and asset finance will be available between £1,000 and £10 million per business
  • Up to six year terms for asset finance and and term loans
  • Up to three year terms for invoice finance
  • No minimum turnover 
  • No minimum trading history
  • You can still apply even if you already have CBILS or Bounce Back Loans

What are the finance options available?

  • Asset Finance
  • Business Loans
  • Invoice Finance

Your business is eligible if:

  • you are a trading business in the UK
  • It is not involved in any collective Insolvency Proceedings
  • you can demonstrate viability for your proposal, were it not for COVID-19

Further details on the application process and a list of all accredited lenders will be released in due course.

 

 

Get In Touch

If you would like to enquire about the Recovery Loan Scheme, contact us at Liquid Corporate Finance.

 

 0333 772 1782

 

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