The Recovery Loan Scheme (launched on 6th April 2021) is a debt finance programme, offering businesses affected by Covid-19 the support they require to overcome the impact of the pandemic and provide the potential to expand.
The Recovery Loan Scheme will be available through lenders accredited by the British Business Bank. New lenders under the scheme will be listed on the British Business Bank website as they become accredited.
The scheme is available to businesses trading within the UK. Businesses must be able to prove that they would be viable were it not for the pandemic, have been impacted by the pandemic and are not subject to insolvency proceedings.
Term loans and overdrafts starting at £25,000 will be available, as well as asset and invoice finance facilities starting at £1,000, all finance options will be capped at £10 million.
Loans and asset finance facilities will be available for up to six years, whereas overdrafts and invoice finance facilities available for up to three years.
Yes, the government have confirmed that businesses who have received previous financial aid during the pandemic, will be eligible to access finance under this scheme, providing they meet the other eligibility requirements.
The following business sectors will be exempt from applying:
Invoice finance allows you to release cash quickly from your unpaid invoices.
As your lender, we can release up to 90% of your invoices within 24 hours. On payment of the invoice from your customers, we will then release the final amount minus any fees and charges. There are different types of invoice financing options available to businesses depending on the situation and the level of control they require in collecting unpaid invoices.
We are an invoice financing company who offer a solution whereby payments are collected on your behalf managed by our team of expert credit controllers so you can focus on running your business. Our Confidential Invoice Discounting solution is offered to businesses who want to maintain their own credit control processes, therefore this remains strictly confidential so your customers are unaware of our involvement.
Excellent, friendly and effective
11:37, July 30, 2021
09:28, July 18, 2021
Very supportive in setting up the facility
11:47, July 01, 2021
14:42, June 24, 2021
I cannot comment on the service it would be beneficial for small if you provided a flowchart showing the required documentation, i spend a fair bit of time with a very helpful manager to get all the paperwork together
14:27, June 18, 2021