Solent LEP launch new Covid-19 Restart, Restore and Recover Loan
The Solent LEP has launched a new loan fund in order to support businesses in the area, called the Covid-19 Restart, Restore and Recover Loan.
Solent LEP have been working with businesses throughout the lockdown period, and as a result they have shaped this new loan fund to provide two routes to funding:
* Loans of between £250,000 and £1,500,000 for businesses providing essential and economic lifeline services who need bridging finance ahead of accessing other Government support, or for those who need loan finance and cannot access other Government support, such as the Coronavirus Business Interruption Loan Scheme.
* Loan funding of between £100,000 and up to £1,500,000 where other Covid-19 support is not available, or the amount businesses can access is insufficient to deliver their recovery plan.
To apply for the funding, businesses must be able to demonstrate that they:
* Have been impacted by the Covid-19 pandemic;
* Have not been able to access Government support and need additional funding to deliver their recovery plan;
* Can safeguard jobs;
* Would be in a better position to react, respond to and recover from the crisis with this loan.
To read full details about Covid-19 Restart, Restore, and Recover Loan please follow the link:
https://solentlep.org.uk/covid-19-restart-restore-and-recover-loan/
A webinar explaining the loan can be viewed at the following location:
https://www.youtube.com/watch?v=ucw7shAgBWg&feature=youtu.be
This loan fund will open on 04 June 2020 and will accept applications on an ongoing basis until all the funding has been allocated, or until 31st August 2020, whichever is the soonest.
You can view all the supporting documents for this fund in the related content section on the right, including the process for applying, the guidance documents and more.
All completed applications and accompanying information should be submitted via email to recover@Solentlep.org.uk
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