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 scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The scheme is open to applications until 31 January 2021.
The scheme is being delivered through a network of accredited lenders. Find out more here.
The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until 31 January 2021, click to find out more.
£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.