The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to £10 million per business once the existing COVID-19 loan schemes close, providing support as businesses recover and grow following the disruption of the pandemic and the end of the transition period.
- The finance can be used for any legitimate business purpose, including growth and investment.
- The government guarantees 80% of the finance to the lender to ensure they continue to have the confidence to lend to businesses.
- The scheme launches on 6 April and is open until 31 December.