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The Recovery Loan Scheme, which originally launched in April 2021 to help businesses recovering from the pandemic, has been extended to 2024.

The maximum loan size remains at up to £2m, and the principle behind the extended scheme remains unchanged: the government will underwrite 70% of lender liabilities, at the individual borrower level, in return for a lender fee. Lenders must ensure that the benefits of the government guarantee are passed through to businesses.

Full details of the scheme are available on GOV.UK

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