Small Businesses: Coronavirus

(asked on 6th December 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the level of accessibility to Covid Recovery Scheme loans for small and medium-sized businesses that are requesting amounts of less than £50,000.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 9th December 2021

The Recovery Loan Scheme (RLS) is open to businesses requesting amounts of less than £50,000. The minimum facility size varies in the RLS, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. As of 7 December 2021, the British Business Bank’s RLS portal showed that 29% of businesses had applied for a facility of less than £50,000. Note that the portal is continually updated and some lender data is still to be captured.

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