Britain will extend a scheme offering government-backed loans to small businesses by a further two years, business minister Kwasi Kwarteng said on Wednesday.

“The extension of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to thousands of small businesses across the country, while stimulating local communities, creating jobs and driving economic growth in the UK,” Kwarteng said

The Recovery Loan Scheme, was initially launched in April 2021 to help businesses recovering from the COVID-19 pandemic.

(Reporting by Farouq Suleiman; editing by William James)