Recovery Loan Scheme: Everything You Need to Know in Light of The Application Deadline Extension

I have already shared with you my guide to the Bounce Back Loan (if you haven’t already, make sure to check it out!), but I am back today to give you the scoop on the other scheme dedicated to helping you deal with the pandemic- The Recovery Loan Scheme! There couldn’t be a better time for this, as we brace for tougher restrictions. Read on to find out more!

So, What is the Recovery Loan Scheme?

 The Recovery Loan scheme is made to…well, to help businesses like yours recover from the effects of the pandemic. It is a government-backed lending scheme that allows businesses to take up to £10 million from a British Business Bank accredited lender with full government coverage.

If it sounds good, don’t worry, it gets better! You can still apply for this scheme even if you have already applied for others of its kind. So, if you applied for, say the Bounce Back Loan scheme, but still need additional help, the Recovery Loan is still available to you. The only drawback is that being in one scheme already can affect the amount you received from the Recovery Loan.

 Just to round everything off nicely, unlike the Bounce Back Loan, the Recovery Loan Scheme has had its application deadline extended 6 months- to the 30th of June! This happy news was announced alongside a parameter change for applications made after the 1st of January 2020 (namely the amount you can borrow will decrease to £2 million; only small to medium businesses will be able to apply; and the government will only provide a 70% guarantee), so if I managed to convince you, don’t waste any time to start applying!

Confused about How to Start Your Application? I’ve Got Your Back!

Now that you are in the know about all the benefits of this scheme, it’s time to fill those application forms…but maybe you are stuck and unsure on how to get approved.

Good news: You don’t have to do it alone! I am here to help! Head over to
https://mavisamankwah.com/ and fill out the business help callback form, and my team and I will give you all the tools needed to assure you get that much-needed funding before the rules change!

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