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The Recovery Loan Scheme was launched on April 6th, 2021, by the UK government to help support businesses of any size to have access to loans and other financial support. The Recovery Loan Scheme will help businesses that have been affected by the pandemic to have access to funding of up to £2 million as a term loan, overdraft, Asset Finance, or Invoice Finance facility. This scheme will significantly assist businesses affected by the Coronavirus pandemic to regain some momentum with their cash flow.
You can apply for the scheme if Covid-19 has affected your business. Each business will need to contact a broker or lender, such as Saffron Financial, to discuss how the Recovery Loan Scheme can help those affected, and how you can get started.
The Recovery Loan Scheme was announced in the March 2021 budget, where Rishi Sunak, the Chancellor of the exchequer, promised to announce support for all businesses affected by the Coronavirus pandemic.
When the Chancellor announced the Recovery Loan Scheme, he said, “the Government has stopped at nothing to protect jobs and livelihoods throughout the pandemic, and as the situation had evolved, we have ensured that our support continues to meet business needs. As we safely reopen parts of our economy, our new RLS will ensure that business continues to have access to the finance they need as we move out of this crisis.”
If your business has already acquired a loan from any other coronavirus loan schemes, such as:
Then the Recovery Loan Scheme is still available for you, which means you can contact us today to see how the Recovery Loan Scheme can support your businesses cashflow, investment and growth.
The Recovery Loan Scheme ends on June 30th, 2022, so be sure to enquire with us if you want to learn how the Recovery Loan Scheme aims to help businesses impacted by the pandemic. You can request a call from our team who will assess your eligibility on an individual basis and can explore the best options for you.
Saffron Financial is the in-house direct lead generation arm of Saffron Asset Finance.
Saffron Financial provides brokerage services to businesses and individuals in the UK through a range of financial services.