GOVT. BACKED - RECOVERY LOAN SCHEMES
At the Budget Mr Sunak announced the Government backed Recovery Loan Scheme, i.e. to launch on 6 April 2021.
The new scheme aims to help businesses affected by Covid-19 and can be used for any legitimate business purpose, including managing cashflow, investment and growth.
Up to £10m facility per business: Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.
Wide range of products: Businesses will be able to choose from a variety of products: term loans, overdrafts, asset finance and invoice finance facilities.
Term length: Term loans and asset finance facilities are available for up to six years, with overdrafts and invoice finance available for up to three years.
Interest and fees to be paid by the business from the outset (TBC..)
Access to multiple schemes: Businesses who have taken out a CBILS, CLBILS or BBLS facility will still be able to access this new scheme
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