Following the recent budget announcement from the Chancellor it was confirmed that both the CBILS (Coronavirus Business Interruption Loan Scheme) and the BBLS (Business bounce Back Loan Scheme) would be replaced by the Recovery Loan Scheme. More details will be released over the coming weeks but a short summary is as follows:
- Businesses can apply for business funding from £25k to £10m
- Available funds can be used for any legitimate business purpose
- Any business can apply, even if they have already received a CBILS or BBLS
- If you already have a CBILS/BBLS in place, you do not have to pay this off in order to access the new funding
- Eligibility will be based on the same criteria to the CBIL scheme
- The scheme will be launched on 6th April 2021 and will run until 31st December 2021
If you have any questions or would like to find out a little more about the recovery loan scheme please call us on 01993 706403 or e-mail email@example.com.