An important support scheme offering Government-backed loans to small businesses will be extended for a further two years, Business Secretary Kwasi Kwarteng announced last week.

The Recovery Loan Scheme, originally launched in April 2021 to help businesses recovering from the Covid-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support.

The Recovery Loan Scheme (RLS) is a government scheme aimed at supporting access to finance for UK businesses. It gives lenders a government-backed guarantee against the outstanding balance of the facility.

See: Further support for small businesses feeling the squeeze as £4.5 billion Recovery Loan Scheme extended – GOV.UK (www.gov.uk)