Our latest round-up includes details on the Recovery Loan Scheme which is likely to signal the end of government backed lending without the requirement of a personal guarantee.
We also cover the latest Edinburgh Rugby news, our Ecologi update and the announcement that Breadalbane will once again be the proud main sponsor at the R3 Scotland Insolvency Forum.
The Recovery Loan Scheme – what’s next?
The Recovery Loan Scheme, due to officially end on 30th June sees the end of the current government backed support packages available to SMEs during and post pandemic.
Whilst the scheme has had tighter parameters and is perhaps not quite as prominent as its predecessor, CBILS, the Recovery Loan Scheme has proved to be an important recovery option for many businesses. So much so that already we are seeing some BBB accredited lenders closing the scheme early.
Of course everyone wants to get back to business as usual and we all knew that government backed loans couldn’t last forever, however the key selling point for many business owners we spoke to was the ability to access up to £250k with no requirement for personal guarantees.
As cited on ft.com last week, UK ministers are preparing to launch a £3bn-a-year loan guarantee scheme which will come with tighter requirements for borrowers and where ‘businesses will be expected to offer personal guarantees for loans administered by banks, putting them on the hook for defaults on repayments ahead of triggering the government guarantee’. (source: The Financial Times, 27 May 2022)
How borrower psychology reacts to funding post government support and in turn a requirement for business loans to be guaranteed by directors will be an interesting one to watch.
That said, there are still some funders in the market offering the current RLS scheme which can be accessed through most reputable brokers up until the end of June.
Contact any of the Breadalbane team to discuss in more detail.
Breadalbane at the rugby
We had a fantastic day at Murrayfield where Edinburgh Rugby hosted Glasgow in the 1872 Cup.
The teams were also slugging it out for the Scottish Italian Conference top spot in the United Rugby Championship where Edinburgh won the game 28-11 in a sun drenched Murrayfied stadium.
Thanks to all our clients and introducers who joined us for the day. Edinburgh now travel to Cape Town to play the Stormers in the Quarter Final of the URC play offs.
We are really looking forward to attending the Edinburgh Rugby awards dinner on 7th June where we are supporting the Young Player of the Season award and Man of Steel award.
With so many younger players playing their part in a successful campaign, it will be a tricky task to choose this year’s award winner. From Connor Boyle to Matt Currie, there’s no doubt the future is bright for the club.
The Man of Steel award is given to the best defender throughout the season and again with so many players showcasing the grit needed when fronting up in defence, it will again be a tricky decision for our coaches selecting the winner.
Breadalbane Saltire Sponsor at the R3 Scotland Insolvency Forum
We are very pleased to announce that once again we will be the main sponsor at this year’s R3 Scotland Insolvency Forum, which will be hosted at the impressive Kimpton Charlotte Square Hotel in Edinburgh on 7th June.
Last year’s virtual event was a great success, and we know this year will be no different.
The theme of this year’s conference is ‘Look to the Future’.
The team are looking forward to seeing some old friends and colleagues in person this year, and of course using the opportunity to make new connections within the insolvency network.
Breadalbane Ecologi Update
At the start of last year we made a pledge that as a business, we wanted to try and do what we could to help our planet. We signed up to a scheme where profits are diverted to support projects which directly and positively impact the reduction of atmospheric CO2 levels.
We’re now 17 months into our Ecologi programme and our collective efforts have resulted in over 1,000 trees being planted and over 100 tonnes of CO2 have been offset.
These results have really spurred us on so watch this space as we continue to do our bit to tackle climate change.