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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Joanne Moss

When your accountant becomes one of the most valuable people in your business, you know you've found the right one! David Rudd from Steven Burton & Co Ltd has been my Accountant for many years. He goes far beyond the traditional role of an accountant. Rather than offering generic advice, he takes the time to truly understand my business and provides guidance that's relevant, practical, and tailored to my situation. His input has been instrumental in helping my business grow and succeed. Thank you to David and his team for everything you do for Moss HR!

Sommer Green

Highly recommend, have been extremely helpful with both personal and ltd tax returns as well as helping company structures & much more. Very grateful to have found them!

Stacy Peterson

I would highly recommend Steven Burton & Co Ltd. David, Noah, Aidan and Ben were incredibly supportive and professional during a particularly challenging time for me. From the outset, they took the pressure off, guided me through every step of the process, and always made themselves available to answer questions and provide reassurance. Their dedication, expertise and genuine commitment to helping their clients really stood out. If you're looking for accountants who go the extra mile and truly care about achieving the best outcome for you, I wouldn't hesitate to recommend Steven Burton & Co Ltd.

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Been with Steven burton for a few years now, always a great service and great staff members. This year has been the quickest and easiest tax return to date! Massive thank you to Henry!

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Great company to work with, would highly recommend.

Systemastic

David and his team at Steven Burton & Co have become a pivotal part of my business. With a strong understanding of the sector in which we work, as well as our unique needs as a company; they have provided business advice at a level not found elsewhere. I have no doubt that this strategic support has contributed to our current success. A charming team I would not hesitate to recommend.

Mike Pountney

I had never filled out a tax return or needed an accountant until very recently. Steven Burton & Co have been absolutely brilliant, helping me all the way, asking relevant questions and helping me to complete the process. I have dealt with Steven, Henry and their wonderful ‘office staff’, all of whom have always replied promptly and professionally but keeping the correspondence light and, at times humorous. It’s always a difficult decision about whether an accountant is needed financially but I wouldn’t hesitate to recommend this company and feel that they are worth their weight in gold, I certainly shall continue to use them.

Fantastic accountants and very helpful would recommend them to anyone!! Thank you seven Burton & co your diamonds.

Penny Hurrell

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Liz Owers

We have recently moved our accounting to Steven Burton & Co. We are so pleased that we did. With support from the team we have moved from a compliance based last minute approach to filing to a planned and proactively managed approach. The increased visibility and data this is providing is allowing us to make better informed and timed decisions for our business. Thank you and we look forward to building on this early work over the coming year.