chartered certified accountants
The Government have replaced Bounce Back loans (BBLS) and Coronavirus Business Interruption Loans (CBILS) with the Recovery Loan Scheme.
These loans have been available since 1st April 2021 and the scheme is set to run until 31st December 2021.
The scheme is designed to support businesses that can afford to take on debt to be used for legitimate business purposes and they cite cash flow, investment and growth as being legitimate purposes.
So, ‘thinking outside the box’ a bit, these loans could be used by a business to support or expand existing operations or move into new markets entirely:
If you have an idea that you’d like to develop , but need funds, why don’t you run it by us?
The minimum facility is £1,000, the maximum is £10 million for a single eligible company (£30m for a group).
There is no ceiling of qualifying turnover, unlike the BBLS scheme.
You will need to confirm that the Covid-19 pandemic has had an impact on your ability to qualify.
Loans up to £250,000 do not need directors personal guarantees.
The maximum repayment term is 6 years, which could make things tight for some proposals, but we think it is worth exploring all ideas, so feel free to call Mark Asquith on 01723 366102 to discuss any sensible proposal.
This information is provided free of charge and in good faith, without acceptance of any future liability arising from any action or in-action by any recipient or reader.Please feel free to share this information as widely as possible and encourage people, who might benefit from these updates, to register at www.asquithand.co.uk for future updates.