- Business loans
- Invoice finance
- Asset finance
Finance Gary Hemming · 30 March 2021
Recovery Loan Scheme: What do we know about the CBILS Replacement?
During the budget, RishI Sunak announced the successor to the CBILS and BBL schemes, which end on 31st March. The new scheme, called the Recovery Loan Scheme will open for applications from 6th April and is set to run until 31st December. As with furlough and CBILS, an extension isn’t out of the question. Once again, the government will be offering accredited lenders a guarantee for 80% of the loan. This makes your finance more likely to be approved, as the lenders risk of financial loss should you default is dramatically reduced. What lending is available? The scheme is in place to fund businesses who have been impacted by the COVID-19 pandemic. The funding can be broken down into the following areas:
ABOUT THE EXPERTGary Hemming
Acting as Commercial Lending Director at ABC Finance, Gary Hemming has over 15 years experience in financial services and specialises in bridging loans, commercial mortgages, development finance and business loans.