Commenting on the launch of the new version of the Recovery Loan Scheme (RLS), Alex Veitch, the BCC’s Director of Policy & Public Affairs, said:

“Given today’s turbulent economic conditions, BCC welcomes the launch of the new version of the RLS, which will open for applications in August 2022, run by the British Business Bank and its partners.

“The Chamber Network has consistently campaigned for this measure which will provide an additional option for firms struggling with high energy, staff, and supply chain costs. 

“We now call on Government to take action on business costs for the long term, starting with amending the Shortage Occupation List to enable firms to access the skills they need to grow and thrive.

“The maximum loan size remains at up to £2m. However, lenders may now require a personal guarantee from the borrower. Further details on the RLS can be found here: https://www.british-business-bank.co.uk/press-release/recovery-loan-scheme-offers-over-4-5bn-of-lending-to-smaller-businesses/.”