Originally launched in April 2021 to support small businesses during the pandemic, the Recovery Loan Scheme has been extended for another two years.
The scheme is aimed at supporting access to finance for UK businesses and gives lenders a government-backed guarantee against the outstanding balance of the faculty.
It has so far helped almost 19,000 businesses with an average of £202,000 in support.
Business Secretary, Kwasi Kwarteng, commented, “Small businesses are the lifeblood of the British economy, which is why we are determined to support our traders and the entrepreneurs in dealing with worldwide inflationary pressures.
“The extension of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to thousands of small businesses across the country, while stimulating local communities, creating jobs and driving economic growth in the UK.”
Chancellor of the Exchequer, Nadhim Zahawi, said, “Small businesses are the engines of economic growth, supporting jobs and livelihoods in communities right across the UK.
“The Recovery Loan Scheme has supported thousands of businesses over the past year and this extension will ensure they continue to access the finance they need to navigate the months ahead.”
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