MORE MONEY FOR UK BUSINESSES????

Maybe, but it’s not going to be as quick as easy as last time.

Applications are now open for the Recovery Loan Scheme

This is to replace the Bounce Back Loan & CBILS, there is a pot of £75billion and you can still apply if you have taken a BBL or CBILS.

The main thing that you need to prove is that you have been affected by Covid-19 and your business is viable or would be had it not been for Covid-19.

This scheme is most businesses in the UK and if you’re on my social media list it’s almost definitely going to be open to you.

If your business is struggling financially right now you can still apply but you can’t be in any type of insolvency proceedings.

A Recovery Loan is going to be harder to get hold of than a bounce-back loan and you are going to need to provide the following:

  • MANAGEMENT ACCOUNTS
  • BUSINESS PLAN
  • HISTORIC ACCOUNTS
  • DETAILS OF ANY ASSETS

Loans are from £25,000 up to £10,000,000 and asset invoice and financing will be from £1,000 – £1,000,000.

The government are backing these loans up to 80% and you won’t need to give a personal guarantee up to £250,000.

I can’t help you with these loans but I will post any further updates that I get. A couple of my companies I know are going to apply for one so I’ll let you know how that goes.

All the best,
Chris Worden
1st Business Rescue

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