Recovery Loan Scheme offers over £457m in loans | Northwest Deals

Sophie Dale Black

The British Business Bank has revealed that through the Recovery Loan Scheme accredited lenders have offered more than £457m to small businesses in the North West.

Of the £457.2m in total funding offered by 2,176 institutions, £387.4m was drawn from 1,993 institutions.

The total funding offered by the program represents 10% of the national total, which broadly matches the relative size of the region’s business population (9%).

A total of £4.51bn in loans was offered through more than 20,643 establishments across the UK. A total of £3.83 billion was taken from 18,338 installations.

The Recovery Loan Scheme was launched in April 2021 and was originally scheduled to run until December 31, 2021.

In the fall 2021 budget, the government extended the scheme for six months until June 30, 2022 and made some adjustments to its conditions. The government offers an 80% guarantee for loans granted before January 1, 2022 and 70% for loans after this date. The borrower remains 100% responsible for the debt.

The government has announced that there will be a successor program to the RLS, which will be open for applications in August 2022.

Dr Sophie Dale-Black, UK Network Director, North, British Business Bank, said: “British Business Bank is committed to helping small businesses access the finance they need to grow sustainably.

“Almost two thousand businesses in the North West have taken out loans under the stimulus loan program. This will better position them to face both the challenges and the opportunities ahead.”


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