Recovery Loan Scheme, most popular month end date

WestWon authorised to offer finance under the Recovery Loan Scheme

We’re pleased to announce WestWon are now an accredited broker of the new Recovery Loan Scheme.

A number of the WestWon team have gone through their first training session yesterday with an authorised provider of finance. As a result, this was done under the British Business Bank backed Recovery Loan Scheme.

About the Recovery Loan Scheme

The Recovery Loan Scheme was launched on the 6th April and is seen as the replacement to the CBIL’s & Bounce Back Government backed loan schemes. It will be in place until the end of the year, however, already people in the leasing and finance sector are suggesting it is likely to carry on into 2022. The scheme can provide up to £10m of funding per business with the following facilities are available:

  • Term Loan
  • Overdraft
  • Invoice Finance
  • Asset Finance

No personal guarantee is required for the first £250,000 borrowed, however the borrower is always 100% liable for the debt. Interest and fees are to be paid by the borrower from the outset. The APR on the loan cannot therefore be more than 14.99%. Full information can be found here.

Hear from others

George Shillingford, the newly appointed Commercial Director at WestWon noted, “An important point one of our funders stated was they are expecting to use the facility where they would normally have rejected an application. However, this is great news to us, as so many companies will be reporting a drop in profits or losses in their 2020 year end accounts, as a result obtaining finance could be harder to find. This scheme will definitely help our clients.”

WestWon CEO, Jeremy Hall added, “We have a second external training session today with another funder we use. We will know how, when and where to offer the Recovery Loan Scheme to our clients. Within the next few weeks, we are expecting a range of financial providers we work with to become authorised. We will be promoting the scheme to a range of the clients we work with.”

To find out more about the Recovery Loan Scheme please speak to a member of the WestWon team on 01494 611 456 or email hello@westwon.co.uk

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