Applications For Government Rescue Loans - Make Sense
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Applications For Government Rescue Loans

Applications For Government Rescue Loans

With the Coronavirus Pandemic still attacking the resilience of most businesses in the UK, the government have announced a new loan scheme to replace the current CBILS (Coronavirus Business Interruption Loan Scheme) You can now apply for this new Government Rescue Loan. The replacement happened on 1st April 2021 so we want to give you the details so you can start applying straight away! 

The value of the loan can be anywhere between £25,001 – £10m for term loans. This means that it is accessible for a huge variety of businesses, worth looking into, right? There are also no turnover restrictions for businesses accessing the scheme meaning that you could use the loan to expand your business in spite of Coronavirus. This will give a lifeline to many business owners who have feared having to close their doors for good 

The loans are available up to a maximum term of 6 years. Businesses will be required to meet the costs of interest payments and any fees associated with the facilityInterest rates are set to be published when further information is available. 

The government is guaranteeing 80% of the finance to the lender in order to give them the confidence to lend. The customer will still, however, be 100% liable for the debt. No personal guarantees will be taken on facilities up to £250,000 and the borrower’s principal private residence can’t be taken as security. This means that, whatever happens, you don’t have to worry about losing your house. 

The loans are applicable to most UK businesses so if you need some financial support it is definitely worth looking into. 

If you want to talk about getting a rescue loan, get in touch with us and we can put you in contact with the best because We Know It Makes Sense! 

  

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