Top Service News
Loan Recovery Scheme
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Have you heard of the British Business Bank (BBB)? It was set up by the UK Government to help improve access to finance for smaller businesses. The bank doesn’t lend directly but has relationships with 130 lenders, leasing companies and venture capital funds.
The BBB is currently administering the ‘Recovery Loan Scheme’ which helps UK businesses with a turnover of up to £45m to access finance using a 70% loan guarantee from the Government. Even those businesses that were in receipt of the original Coronavirus Business Interruption Loan Scheme (CBILS) are eligible.
Emma Reilly, MD at specialist credit agency Top Service Ltd commented: “A British Business Bank survey revealed that 32% of construction businesses were planning to grow in 2023 so access to finance is imperative to underpin that growth”.
More details are available here: https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/