Issue 119
Government Extends Recovery Loan Guarantee Scheme www.CLHNews.co.uk
The hospitality and licensed on trade sector has received a welcome boost as the government announced an extension of its guaranteed loan scheme to small businesses for a further two years. The government’s flagship business loan scheme opened to applications on 6 April 2021 to help businesses cope with the large amount of trade lost to the pandemic, with the government promising lenders it would guarantee 80% of loans in the case of a default on payments.
CLHNews
CLHNews
CLHNews
Originally scheduled to run until 31 December 2021, the government announced at Autumn Budget 2021 that the scheme would be extended by six months to 30 June 2022, albeit with some adjustments to its terms. The government provided a guarantee of 70% for loans made after 1 January 2022. The borrower remains 100% liable for the debt.
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