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Covid-19 Restart, Restore and Recover Loan

The Solent LEP is committed to helping businesses meet the unprecedented challenges presented by the COVID-19 pandemic, we have put the Restart, Restore and Recover Loan in place.

This Loan Fund has been shaped to provide two routes to funding:

  • Loans of between £250,000 and £1,500,000 for businesses providing Economic Lifeline and Essential 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 (CBILS).
  • 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.

All applicants must read the Solent LEP Restart, Restore and Recover Loan Fund Guidance For Applicants in advance of applying for the loan. Please ensure your business is eligible before you apply.

Is this loan fund for you?

You must be able to demonstrate that your business is in need of this loan funding as a direct consequence of the impact of COVID-19 and that there is a good expectation that the business can continue to trade throughout and after the current emergency.

This fund is for Limited companies registered with Companies House only, located in the Solent LEP area. Funding can be used for capital or revenue expenditure.

You will need to have exhausted Government offers of support open to you. If there is a timing issue in relation to receipt of confirmed funding support from Government, this facility may work for you to provide cover through this period. 

Is my business eligible?

Businesses will be eligible to apply for this loan fund if they:

  • Cannot access COVID-19 funding support through existing Government schemes in a timely fashion.
  • Can access COVID-19 funding support through existing Government schemes but requires additional loan funding to deliver their recovery plan.
  • Can provide a supporting recovery plan that shows how the business, with assistance of a loan, will be sustainable in the medium term.
  • Can demonstrate that the funding is needed to support the operating position of the business in the short-term.
  • Can demonstrate that the funds will be repaid in the medium term.

Further information on the eligibility criteria is provided in Section 2 and 6.1 of the Guidance Document

Support for applicants

A series of Webinars have been held to provide applicants with opportunities to ask questions about the loan fund, the latest one is below.

Introduction to the Restart, Restore & Recover Loan Webinar - 10 Sept 2020

To view a recording of a previous webinar please click here.

 

This loan fund was opened on 4 June 2020 and will accept applications on an ongoing basis until all the funding has been allocated.

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 FAQs.

All completed applications and accompanying information should be submitted via email to recover@Solentlep.org.uk

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