Insight into the support that was available for businesses throughout the pandemic
If you missed out on Covid-19 support, get in touch today to see what other options are available
Businesses all over the globe were bearing the brunt of the collapse of economic activity following the impact of the coronavirus pandemic. You might be one of the many businesses who were forced to close during the lockdowns, or faced substantially lower turnover.
In the Budget on 3 March 2021, Rishi Sunak also pledged another £375 million for the Future Fund – now known as the Future Fund: Breakthrough – to support high-growth sectors such as life science and clean tech. This scheme has now ended.
One scheme still running from the Covid-19 support is the Recovery Loan Scheme (RLS). With the latest iteration running until 2024, the RLS offers a government guarantee for small businesses, with the government underwriting 70 per cent of what the lender could lose if a business defaults. There is also no requirement to confirm you were affected by the Covid-19 pandemic.
If you are unsure whether this is a suitable source of finance for your business, get in touch to discuss your alternative funding options.
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