A new government-backed loan scheme was launched on Tuesday 6 April by the Chancellor of the Exchequer, to provide additional finance to those businesses that need it.

  • Loans will include 80% government guarantee and interest rate cap.
  • The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021-opened until 31 December 2021.
  • The Recovery Loan Scheme can be used as an additional loan on top of support received from the emergency schemes – such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme – put into place last year.
  • From 6 April, businesses – ranging from coffee shops, and restaurants, to hairdressers and gyms – can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.

The Chancellor of the Exchequer’s statement is here. For more information on what other financial support you can get for your business, click here.


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