A new recovery loan scheme has just opened which is a great opportunity for UK business to invest and grow. It offers loans up to £2m (£1m under the NI protocol because of EU subsidy limits). The scheme is administered by the British Business Bank and is backed by a 70% government guarantee.
The chosen bank is allowed to offer a variety of loan products (term loans, overdrafts, asset finance and ID) with repayment periods from 3 months to 6 years. Unlike previous COVID schemes, the lender is allowed to ask the borrower for a personal guarantee.
You can find the full details here: https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/