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The new loan scheme will provide additional support to protect businesses, job loans will include 80% government guarantees, and interest rate caps Government has supported 75 billion loans to date as part of an unprecedented 350 billion broad support package I did.

The Recovery Loan Scheme ensures that businesses will continue to receive government-sponsored financial benefits through 2021.

As non-essential retail and outdoor entertainment resumes next week, ministers have ensured that businesses still have access to adequate support to protect jobs. From today, businesses ranging from coffee shops and restaurants to beauty salons and gyms can get loans of varying sizes, from 25,000 to up to 10 million. Invoice and asset financing are available from 1,000.

Exchequer Prime Minister Rishi Sunak said:

We did nothing to protect jobs and livelihoods during the epidemic, and as the situation evolved, we ensured that our support could continue to meet our business needs.

As we safely resume part of the economy, our new recovery loan scheme will ensure that businesses will continue to have access to the financing they need when we get out of this crisis.

This extends to September 30th and adds up to the launch of a new restart grant scheme last week, providing up to 18,000 funding to eligible businesses. The government is also supplementing this with a job plan focused on protecting, supporting and creating jobs across the country through the Kickstart scheme, T-level and National Careers Service.

Announced on a budget and operating until December 31, 2021, the scheme is managed by the British Business Bank and is available for loans through a variety of accredited commercial lenders. 26 lenders have already been approved on day one, more loans will be available soon, and the government will provide an 80% guarantee on all loans. Interest rates are limited to 14.99% and are expected to be much lower than in most cases, and ministers are urging lenders to lower interest rates to protect jobs. The recovery loan system can be used as an additional loan in addition to the support received from emergency systems such as the bounce back loan system implemented last year and the coronavirus business interruption loan system.

To date, the government’s emergency lending scheme has financed more than 75 billion dollars to 1.6 million British companies, and this new scheme will build on its success. This is part of an unprecedented 350 billion aid package, which has paid millions of workers through baggy plans and generous subsidies and tax deferrals.

Business Minister Kwasi Kwarteng said:

We have done our best to support our business while carefully resuming the economy and restoring a way of life.

The launch of our new recovery loan scheme will provide a solid foundation for businesses to plan ahead, protect jobs, and prepare for a safe resumption as they better recover from the pandemic.

Business Group Response: CBI Chief Economist Rain Newton-Smith said:

The coronavirus loan scheme has provided an important lifeline for businesses, and therefore the new recovery loan scheme, its successor, brings great relief to enterprises.

These loans can be used in conjunction with existing COVID loans to help businesses refinance, restructure and drive growth.

Core support is maintained as restrictions are relaxed and demand returns to normal, allowing businesses to support recovery, job hunting and resumption.

Access to finance is still critical to the lifeline of your business, so we welcome the start of the Recovery Loan scheme. The new scheme could potentially play a pivotal role in supporting recovery by providing credit to the businesses that need it most.

The Chamber of Commerce continues to work with governments and banks to ensure the clarity needed to help businesses return to growth with the new plan.

David Postings, head of finance in the UK, said:

The banking and financial industry is committed to supporting businesses of all sizes through the next step in pandemic response. As the focus is on economic recovery, we know that many companies are still facing uncertainty. The new recovery loan scheme, along with other commercial financial aid, will help businesses rebuild and invest for future growth.

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