The Recovery Loan Scheme Print
This scheme is designed to help businesses of any size access loan finance to assist recovery from the effects of the coronavirus pandemic. Term loans or
overdrafts of between £25,001 and £10m per business are available, subject to the terms of participating lenders.
The government will guarantee 80% of the finance to the lender, although the borrower remains liable for 100% of the debt.
No personal guarantees will be taken on facilities up to £250,000 and the borrower’s main home cannot be taken as security.
The maximum length of these loans is up to 3 years for overdrafts and invoice finance facilities, and 6 years for loans and asset finance facilities.
These loans are available through various accredited lenders who are listed on the British Business Bank’s website.