COVID-19 Government Business Loans
UPDATE 1st May
The guidance for businesses setting out details of the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF) have been updated with information on tax.
For more information click here
27th April 2020
In addition to the loans already available, the Government announced the launch of the Bounce Back Loan. A loan with 100% government guarantee of values between £2,000 and £50,000. Any business can apply for loans worth 25% of turnover.
For more information click here
UPDATE 20th March
Further announcements of support for business announced by the Chancellor on Friday 20th March include:
- The Coronavirus Business Interruption Loan Scheme, launched at Budget, will now be interest free for twelve months.
- Support for liquidity amongst large firms, with a major new scheme being launched by the Bank of England to help them bridge COVID-19 disruption to their cash flows through loans
UPDATE 19th March
Accessing Government Business Loans
The British Business Bank who are the administrators of the business loans recently announced by Government have indicated that loans are available from 23 March 2020. Please see link below to the British Bank website
UPDATE 18th March
A £330 billion package of government-backed and guaranteed loans to support businesses which will delivered through two main schemes:
- A new lending facility with the Governor of the Bank of England to provide low cost, easily accessible loans to support liquidity amongst larger firms
- An extension of the new Business Interruption Loan Scheme announced at the Budget last week for Small Medium Enterprises to provide loans of up to £5 million (rather than up to £1.2 million as previously announced) with no interest due for the first six months.
Both of these schemes will be up and running by the start of next week and further information about how this will operate will be provided as soon as possible.
UPDATE 12th March
In the Budget (11 March 2020) the Chancellor announced a number of measures to help businesses cope with the effects of the coronavirus outbreak, including:
- Coronavirus Business Interruption Loan Scheme-a new, temporary Coronavirus Business Interruption Loan Scheme is being introduced to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per lender cap on claims) to give lenders confidence in providing this finance to SMEs. The government will not charge businesses or banks for this guarantee, and the scheme will support loans of up to £1.2 million in value.
Details on how to access this support will be updated here Government’s Department for Business, Energy & Industrial Strategy
Further information is available for businesses on the Federation of Small Businesses website through the links below and we will update on other measures being put in place locally to support businesses
