New coronavirus loan scheme launched as hospitality industry reopens

A new government-backed loan scheme has been launched, aiming to provide additional finance to those businesses that need it.

Outdoor hospitality is reopening today and the government said it wanted to ensure appropriate support is still available to businesses to protect jobs. Under the new loan scheme, businesses can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.

The Chancellor of the Exchequer, Rishi Sunak, said: “As we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.”

So far, 1.6 million British businesses have accessed more than £75 billion of finance under the government’s emergency loan schemes. In all, the government has spent £350 billion on coronavirus business support schemes,  included paying millions of workers’ wages through the furlough scheme and grants and tax deferrals.

 

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