Who is eligible for the new UK business support and full list of lenders
The government has launched its Business Recovery Loan Program, which will provide support to businesses that have been affected by the Covid-19 pandemic.
The program means that companies can continue to receive public funding throughout 2021.
He enters in addition to the extended leave until the end of September, and the new restart grant program that launched last week.
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The program will allow businesses to access loans of different sizes, ranging from £ 25,000 to a maximum of £ 10 million.
It will be available to businesses such as cafes, restaurants, hairdressers and gyms that were forced to close during the lockdown.
It will be administered by the British Business Bank, with loans available from a network of accredited commercial lenders.
The government will provide an 80% guarantee for all loans. Interest rates have been capped at 14.99% and are expected to be much lower in the vast majority of cases.
The government says ministers are urging lenders to ensure they keep rates low to help protect jobs.
Chancellor Rishi Sunak said: “We have taken no steps to protect jobs and livelihoods throughout the pandemic and, as the situation evolved, we ensured that our support continued to meet the needs of businesses.
“As we safely reopen parts of our economy, our new turnaround loan program will ensure that businesses continue to have access to the financing they need as we emerge from this crisis.”
How to register
The British Business Bank says you can apply for the program if Covid-19 has affected your business.
“You can use the funding for any legitimate business purpose – including managing cash flow, investing and growing. However, you need to be able to afford additional borrowing for these purposes, ”he says.
To apply for the program, you must go through one of the approved lenders.
Which lenders have signed up?
Here is the full list of accredited lenders who have joined the program to date:
- Arbuthnot Latham
- Bank of Scotland
- Clydesdale Bank
- Danske Bank
- Lloyds Bank
- OakNorth Bank
- Secure Trust Bank
- Skipton Business Finance
- Bank of Ulster
- Yorkshire Bank