New Iteration of Recovery Loan Scheme Announced
The Recovery Loan Scheme will help businesses to receive loans for investing and growing.
Dated: 22 August 2022 Author: Daran Harding, BD Director
Businesses that are interested in borrowing money can find the lenders on the British Business Bank website.
The scheme will provide loans up to £1 million for borrowers in the Northern Ireland Protocol and up to £2 million for borrowers outside the scope of the Northern Ireland Protocol.
The British Business Bank is the organisation that administers the new Recovery Loan Scheme on behalf of the Secretary of State for BEIS. The scheme has already offered over £4.5 billion in finance to almost 20,000 businesses.
The Recovery Loan Scheme is being offered to borrowers to improve the terms they are getting on loans. If a lender can offer a commercial loan on better terms, they will do.
A maximum of £2m for non-Northern Ireland scope borrowers, or up to £1m for Northern Ireland scope borrowers. Businesses can apply for term loans, overdrafts, asset finance and invoice finance in a variety of lengths depending on the products chosen.
You can find more information on the British Business Bank website.
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