The following types of finance are currently available:
The actual amount offered, and the terms, are at the discretion of participating lenders. The Government guarantees 80% of the finance to the lender. The borrower is always 100% liable for the debt.
Businesses can apply for a loan if their business is trading in the UK. Applicants will need to show that their business is viable or would be viable were it not for the coronavirus pandemic; has been impacted by the pandemic; and is not in collective insolvency proceedings.
Business that received support under earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.
At Autumn Budget 2021, the Chancellor announced that the scheme would be extended until 30 June 2022 (it was originally due to close at the end of 2021).
From 1 January 2022, the following changes will come into force:
These changes will apply to all offers made from 1 January 2022.
Applications can be made at any time until the scheme closes on 30 June 2022.
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