{"id":884,"date":"2021-03-04T17:42:32","date_gmt":"2021-03-04T17:42:32","guid":{"rendered":"https:\/\/mintassetfinance.co.uk\/?p=884"},"modified":"2021-03-04T17:44:12","modified_gmt":"2021-03-04T17:44:12","slug":"recovery-loan-scheme-1","status":"publish","type":"post","link":"https:\/\/mintassetfinance.co.uk\/?p=884","title":{"rendered":"Recovery Loan Scheme 1"},"content":{"rendered":"\n<p>Guidance<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Recovery Loan Scheme<\/h1>\n\n\n\n<p>A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the COVID-19 pandemic.<\/p>\n\n\n\n<p>The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to \u00a310 million per business once the existing COVID-19 loan schemes close, providing support as businesses recover and grow following the disruption of the pandemic and the end of the transition period.<\/p>\n\n\n\n<p>Once received, the finance can be used for any legitimate business purpose, including growth and investment.<\/p>\n\n\n\n<p>The government guarantees 80% of the finance to the lender to ensure they continue to have the confidence to lend to businesses.<\/p>\n\n\n\n<p>The scheme launches on 6 April and is open until 31 December, subject to review. Loans will be available through a network of accredited lenders, whose names will be made public in due course.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"what-type-of-finance-is-available\">What type of finance is available<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Term loans and overdrafts will be available between \u00a325,001 and \u00a310 million per business.<\/li><li>Invoice finance and asset finance will be available between \u00a31,000 and \u00a310 million per business.<\/li><\/ul>\n\n\n\n<p>Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.<\/p>\n\n\n\n<p>No personal guarantees will be taken on facilities up to \u00a3250,000, and a borrower\u2019s principal private residence cannot be taken as security.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"eligibility\">Eligibility<\/h4>\n\n\n\n<p>You will be able to apply for a loan if your business:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>is trading in the UK<\/li><\/ul>\n\n\n\n<p>You will need to show that your business:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>is viable or would be viable were it not for the pandemic<\/li><li>has been impacted by the coronavirus pandemic<\/li><li>is not in collective insolvency proceedings &#8211; further details will be provided in due course<\/li><\/ul>\n\n\n\n<p>Business that have received support under the existing COVID-19 guaranteed loan schemes will still be eligible to access finance under this scheme, if they meet all other eligibility criteria.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"who-cannot-apply\">Who cannot apply<\/h4>\n\n\n\n<p>Businesses from any sector will be eligible to apply, except:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>banks, building societies, insurers and reinsurers (but not insurance brokers)<\/li><li>public-sector bodies<\/li><li>state-funded primary and secondary schools<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"how-to-apply\">How to apply<\/h4>\n\n\n\n<p>The scheme will launch on 6 April 2021. Further details on how to apply and details of accredited lenders will be released in due course.<\/p>\n\n\n\n<p>Please get on touch as we are compiling a list of people to inform when information is released<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Guidance Recovery Loan Scheme A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the COVID-19 pandemic. The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to \u00a310 million per business once the&hellip;&nbsp;<a href=\"https:\/\/mintassetfinance.co.uk\/?p=884\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Recovery Loan Scheme 1<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_ti_tpc_template_sync":false,"_ti_tpc_template_id":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-884","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=884"}],"version-history":[{"count":1,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/884\/revisions"}],"predecessor-version":[{"id":885,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/884\/revisions\/885"}],"wp:attachment":[{"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mintassetfinance.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}