NI firms borrow £53m under UK Government-backed Recovery Loan Scheme

JUST under £64 million has been offered to businesses in the north under the UK Government-backed Recovery Loan Scheme, the British Business Bank (BBB) has said.

Originally launched in April 2021, the scheme involves business loans of up to £2 million.

It involves the government underwriting 80 per cent of what the lender could lose for loans loans made before January 1 2022 and 70 per cent for loans after that date.

The BBB said £63.7m has been offered through 347 facilities in Northern Ireland, with £53.4m being drawn down to date by 309 firms.

The scheme has now been extended for another two years, but lenders may now require a personal guarantee from the borrower.

Susan Nightingale, UK network director for the BBB in Northern Ireland, said: “The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably.

“Nearly three hundred businesses across Northern Ireland have taken out loans under the Recovery Loan Scheme. This will better position them to confront both the challenges and opportunities that are ahead.”