The Recovery Loan Scheme has been launched to provide additional finance to those businesses that need it.
It is open to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.
From 6 April, businesses 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 scheme is designed to ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
It 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 – which closed to new and top-up applications on 31 March 2021.