A new support finder tool has been launched by the Government to help businesses and self-employed people across the UK quickly and easily determine what financial support is available to them during the coronavirus pandemic, click to find out more
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
The scheme is a part of a wider package of government support for UK businesses and employees.
CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need.
Importantly, access to the scheme has been opened up to those smaller businesses that would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme. This significantly increases the number of businesses eligible for the scheme.
The Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until 31 January 2021.
the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.
You can apply to the scheme if Covid-19 has affected your business. You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, you must be able to afford to take out additional debt finance for these purposes.
If your business has already borrowed from any of the other coronavirus loan schemes – namely:
RLS is still open to you, although the amount you have borrowed under an existing scheme may in certain circumstances limit the amount you may borrow under RLS.
RLS will run until 31 December 2021, subject to review.
HSBC’s £15 billion lending fund is designed to support small and medium-sized enterprises (SMEs) in the UK to help them achieve their goals for the future.
For those companies exploring opportunities overseas, there’s a ring-fenced pot for international businesses of £2 billion. £1.2 billion has been set aside for the agriculture sector, £500 million for the technology sector and £500 million for franchise businesses.
Individual business loans are likely to be in the region of £1,000 to £25,000.
Small and medium-sized enterprises (SMEs) in the UK may apply, whether a start-up or established business, focused either on the domestic market or looking to trade internationally. Applicants don’t need to be an HSBC customer to apply.
£200 million worth of funding has been made available for organisations in England. The fund is part of the Government’s £750m financial support package for charities and social enterprises announced by Government on April 8. They will distribute the Government funding alongside National Lottery funding, to support organisations to continue to deliver services to people and communities affected by COVID-19.
Find out more about eligibility and which organisations and projects are being prioritised, click here.