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Treasury launches Recovery loan scheme

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The Treasury launched the Recovery loan scheme on 6 April 2021. The scheme will provide financial support to UK businesses as they recover from the coronavirus pandemic. Businesses impacted by the coronavirus crisis will be able to access loans varying from £25,000 up to a maximum of £10m. The scheme will run until 31 December 2021.

The scheme will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders. The government will provide an 80% guarantee for all loans, and interest rates have been capped at 14.99% but are expected to be much lower than that in the vast majority of cases. UK Government ministers are urging lenders to ensure they keep rates down to help protect jobs.

Issue: 1526
Categories: News