Government Recovery Loan Scheme - Small Business Advisors

Government Support Schemes Recovery Loan Scheme

Posted on 7th May 2021 by David Rudd

Since the COVID 19 outbreak Government funding and support has been hugely helpful to many business owners.

With the closing of the CIBLs (Coronavirus Business Interruption Loan Scheme) and BBLs (Bounce Back Loan Scheme) funding, the Government have introduced a new funding scheme, known as The Recovery Loan Scheme.

The scheme is aimed at helping businesses to recover from the COVID 19 pandemic and the transitional period we currently find ourselves in.

A few key points:

Government guarantees 80% of the loan. NB as the borrower you will always be 100% liable for the debt.

Scheme is open until 31/12/21

You are eligible if your business:

Trades in the UK
Would be viable had it not been for the pandemic
Has been adversely affected by COVID 19
Is not within insolvency proceedings

The funding is in two parts either):

Loans or overdrafts between £25,001 and £10 million per business
Invoice or asset finance between £1,000 and £10 million per business

No personal guarantees on funding to £250,000

The maximum length of funding is either:

Overdrafts and invoice financing up to 3 years
Loans and asset financing up to 6 years

We can help

Remember, the Steven Burton & Co team of small business advisors are here to help you with the different COVID business schemes available. If you need a sounding board, some advice or a steer in the right direction, then please don’t hesitate to get in touch.

This material has been prepared for informational guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, information contained may not be comprehensive. Furthermore it is not intended to provide, and should not be relied on for, tax or accounting advice. Steven Burton & Co Limited can not accept any liability for any errors or omission or for any person acting on or refraining from acting on the information provided.

David Rudd

David is an Accountant with over 15 years’ experience in helping a large number of different business owners in numerous sectors from consulting agencies to every area of construction you can think of.

At home dealing with numerous different types of accounting software from Xero to QBO and everything in between. David is always on the lookout for new technology to help business owners to create more time for themselves and their teams.

With a healthy ambition of never resting on the results of yesterday, David is at his best when working with ambitious business owners who want to improve their businesses for eventual sale.

In his spare time, David is often found cheering on his two boys at football, building Lego (which he pretends is for his boys) or watching the latest TV series on Netflix.

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LENA James

2024-03-19

We moved accountants to specifically follow David a number of years ago and have completely changed the running of our business for the better, through planning ahead we have managed to change our circumstances with an over drawn loan account and corporation and tax bills outstanding to a strategically run method of being able to clear the over drawn loan account and balance our other tax liabilities with advice and support from David We continue to be supported and take advice from his expert knowledge and guidance going forward and would highly recommend the Steven Burton team for your Accountancy needs.

陈新谱

2023-12-12

Great service. Helpful and friendly people.

Vince Strafford

2023-10-19

We moved our accountancy needs to Steven Burton and Co - specifically with David. It’s been night and day compared to our previous provider - we now have a partner who is helping us to develop our business and in a way that means we have long term security. Local, accessible and responsive - everything we need in a company that provides business critical services.

MARK WALSH

2023-06-26

The team here are fantastic - every detail thought of and explained clearly. I have no hesitation in recommending Steve and the team to any business, be it fledgling or established. You get what you pay for and more.

Jo C

2023-06-20

The team at Steven Burton & Co have been lovely to work with, helping us with our partnership accounts over the last couple of years. They are always on hand to answer any queries we have and are happy to explain in as much detail as we require. Everyone we have spoken to has been polite, welcoming and extremely knowledgeable and we look forward to continuing to work together as our business grows.

Sam Nagle

2023-05-12

A truly fantastic accountants. Unlike any other accountants we have had in the past. They are 100 percent on the ball, helpful with fantastic advice. Not just sound accountancy advice but advising the business as a whole in various areas. Strategic quarterly reviews to really delve into the business to make sure profit margins are where they should be, and if they aren’t, they’ll look into improvements that can be made. Nothing is too much and the phone lines are always open for advice. Unlike most accountants their focus isn’t just on completing your annual accounts and not seeing you again for another year. I cannot praise the team enough for all the hard work they put in! They really have shifted our focus onto the aspects of the business that we were perhaps neglecting!

Steve Lincoln

2023-05-11

The team at Steve Burton & Co provide a first class personal service to their customers. They support business owners through every step of the life cycle of their business, adding true value with their relationship.

Toby Ishmael

2023-05-05

I work closely with the team at Steven Burton & Co. to assist their clients with a range of services and I can't speak highly enough of the professionalism and care that they demonstrate for their clients.

Darren Vass

2023-03-21

I've worked with Steven Burton & Co for almost 4 years and I cannot fault their service. Dominique in particular is always available for advice and guidance whenever needed.

Makala Balls

2022-12-11

The team at Steven Burton are friendly, professional and really get to know their clients so their advice is tailored to suit their individual needs. Cuts through all the jargon and offer clear and timely advice. Would highly recommend.