A vital support scheme offering UK government-backed loans to small businesses will be extended for a further two years.
The Recovery Loan Scheme (RLS), originally launched in April 2021 to help businesses recovering from the Covid-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support.
The maximum loan size remains at up to £2 million. However, recognising that businesses and the UK more generally are now in a better position than they were during the pandemic, lenders may now require a personal guarantee from the borrower, in line with standard commercial practice.
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