With effect from 6 April 2021, the government has replaced the CBILS, CLBILS and Bounce Back Loans with the new Recovery Loan Scheme.
We have substantial experience in dealing with the majority of the lenders on the scheme.
Facilities of up to £10 million are available per business and, a list of accredited lenders is available to view via the British Business Bank website. There are fewer lenders on the Recovery Loan Scheme than the previous CBILS.
There are similarities to the facilities previously provided under CBILS, namely:
The points of difference are:
There are fewer lenders on the Recovery Loan Scheme, so getting yours right first time is key to making the process as efficient as possible and maximising your chances of success. The Crowe specialist team can support you with this. We can help you compile a professional, robust application pack with all the information required, incorporating a degree of external scrutiny. This will stand you in good stead when approaching and seeking support from existing and new lenders.
You and your lender may have already had a conversation about applying for a loan/facilities under the scheme, along with considering a rescheduling of existing facilities.
Irrespective of whether you qualify under the Recovery Loan Scheme, we can help you to assess your current facilities and financial performance and discuss:
If you need assistance in accessing the scheme or wish to have a conversation before you apply, please get in touch with your usual Crowe contact or Dave Riley.
Our flowchart is designed to point you in the right direction on the measures which could be available for your or your business. As more measures are introduced and more detail becomes available, the flowchart will be updated.
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