Launched on 6 April, the Recovery Loan Scheme has been set up to assist businesses of any size to access loans and other kinds of finance to assist recovery from the pandemic.
Up to £10 million is available per business. The actual amount offered, and the terms are at the discretion of participating lenders. The government guarantees 80% of the finance to the lender. The borrower is liable for 100% of the debt.
Eligible businesses are those trading in the UK that:
- Would be viable had it not been for the pandemic
- Have been adversely impacted by the pandemic
- Are not in collective insolvency proceedings
Those that are not eligible are:
- banks, building societies, insurers, and reinsurers (but not insurance brokers)
public-sector bodies - state-funded primary and secondary schools
The Recovery loans are available through a network of accredited lenders, listed on the British Business Bank’s website.
The scheme is open until 31 December 2021, subject to review.
Torgersens’ Business Support Helpline
Our helpline is available to business owners who have queries relating to accounting, tax or how to access support during the COVID-19 crisis.
The helpline is a free, email-based service available to any business that requires assistance during this difficult and stressful time.
You can access the helpline by emailing your query to enquiries@torgersens.com. Please ensure that you include the following information in your email:
- Your name
- Your company name
- Your telephone number
- Brief details of your query
We will aim to email or call you within 24 hours of your email reaching us, between Monday and Friday.
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