Recovery loans to continue

Rishi Sunak to extend Covid recovery loan scheme As the UK economy loses impetus the Chancellor is reportedly considering a six-month extension of the Government’s recovery loan scheme that had been due to end on December 31st. The scheme provides credit worth up to £10m and comes with an 80% government guarantee for lenders. However, terms are less generous than previous pandemic loan schemes with lenders able to ask for personal guarantees from directors and fees are payable from the start. The recovery loan scheme was launched in April as a bridge between the more generous coronavirus loan schemes and more normal credit conditions