Government Recovery Loan Scheme

Features of the scheme will include:

Up to £10m facility per business

The maximum value of a facility provided under the scheme will be £10m per business. Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.

Turnover limit

There will be no turnover restriction for businesses accessing the scheme.
Wide range of products: Businesses will be able to choose from a variety of products: term loans, overdrafts, asset finance and invoice finance facilities.

Term length

Term loans and asset finance facilities are available for up to six years, with overdrafts and invoice finance available for up to three years.

Interest and fees to be paid by the business from the outset

Businesses will be required to meet the costs of interest payments and any fees associated with the facility.

Access to multiple schemes

Businesses who have taken out a CBILS, CLBILS or BBLS facility will be able to access the new scheme, although the maximum they are allowed to borrow will depend on their lender’s assessment and scheme requirements.

Credit checks for all applicants

Lenders will be required to undertake credit and fraud checks for all applicants. When making their assessment, lenders may overlook concerns over short-to-medium term performance owing to the pandemic. The checks and approach may vary between lenders.

 

Contact Nasser...Email is nasser@businesspulse.org.uk  Mobile: 07946284256 for details on how your applications can be processed.

 

 

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