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Budget 2021 - The Recovery Loan Scheme


The loan schemes started last year, CBILS and BBLS, have now closed. On 6 April 2021 a new loan scheme was set up, the Recovery Loan Scheme. The basics of this scheme are as follows:

  • 80% government guarantee
  • interest rates capped at 14.99%
  • invoice and asset finance available from £1,000, loans from £25k to £10m
  • available from high street banks and other approved lenders
  • can be obtained in addition to existing CBILS and BBLS loans
  • no personal guarantees required from borrowers if borrowing is less than £250k
  • scheme set to close on 31 December 2021

It's important to note that this scheme is a loan scheme rather than a grant scheme and the loan will bear interest and need to be repaid. We always recommend carrying out a forecast exercise, for cash flow as a minimum, preferably a profit and loss projection as well, prior to applying for new borrowing.

April 09, 2021

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Location Icon The Green House, Beechwood Business Park North, Inverness IV2 3BL.
Phone Icon 01463 237300