In his autumn budget announcement, the Chancellor Rishi Sunak announced that the Recovery Loan Scheme is set to be extended until 30th June 2022. This is great news for businesses, allowing a longer period of time for each business to apply for the scheme, however some changes to the scheme come into effect on 1st January 2022.

Since the inception of the Recovery Loan Scheme in April 2021, over £1.06billion worth of loans has helped over 6,200 businesses up and down the country to help them get back on their feet in the continuing pandemic.

“Businesses up and down the country are beginning to look beyond the pandemic towards opportunities available to them in the recovery” Catherine Lewis La Torre, British Business Banks CEO.

In order to apply for the RLS, you just need to be a UK operating business as there is no minimum turnover requirement that has been affected by the coronavirus pandemic. Even if you have previously received a CBILS or Bounce Back Loan, your business is still eligible to apply for RLS also!

If you want to find out more about how the Recovery Loan Scheme can help your business, read more on our website, or call us today 0161 429 4969, or you can email us (info@johnsonreed.co.uk).

 

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