FINANCE & FUNDING

We’ll keep this page updated with the latest finance and funding programmes launched in response to the COVID-19 pandemic.

FINANCE

BUSINESS GRANTS

Visit our Business Grants page to find out about the Government’s new business grant funding in response to the COVID-19 outbreak.

 

There are two funding programmes available:

  • The Small Business Grant Fund, or
  • The Retail, Hospitality and Leisure Grant Fund

 

If you’ve been contacted directly by InvestSK to say you’re eligible for the Government’s Small Business Grant scheme, please send your business name and business rates number to us and we’ll reply to arrange processing of your grant claim. Email us at: business@investsk.co.uk

GOVERNMENT SUPPORT TOOL

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

BUSINESS INTERRUPTION LOAN SCHEME

The Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus large business interruption loan scheme (CLBILS) provide financial support to businesses across the UK that are losing revenue and seeing their cash flow disrupted as a result of the Covid-19 outbreak.

 

The schemes support a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities and can provide facilities of up to £5million for smaller businesses and up to £50million for large businesses.

 

Key features of the Coronavirus business interruption loan scheme (CBILS):

  • Finance of up to £5 million available
  • Guarantee to the lender to encourage them to lend
  • Government pays interest and fees for 12 months
  • Finance terms
  • CBILS can now support lending to smaller businesses even where a lender considers there to be sufficient security, making more smaller businesses eligible to receive the Business Interruption Payment
  • No guarantee fees for businesses

Click to find out more about CBILS

 

Key features of the Coronavirus large business interruption loan scheme (CLBILS):

  • Finance of up to £50 million
  • Guarantee to the lender to encourage them to lend
  • Finance terms from three months to three years
  • No personal guarantees are permitted for facilities under £250,000. For facilities of £250,000 and over, claims on personal guarantees cannot exceed 20% of losses after all other recoveries have been applied.

Click to find out more about CLBILS

THE BOUNCE BACK LOAN SCHEME

The Bounce Back Loan scheme has been launched for small and medium-sized businesses borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme is being delivered through a network of accredited lenders. Find out more here.

THE FUTURE FUND

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 the end of September 2020, click to find out more.

PRIVATE LENDERS

A number of private lenders are also making funds available to small businesses impacted by COVID-19, including £2 billion from Lloyds Banking Group and £5 billion from NatWest.

BANK OF ENGLAND MEASURES TO RESPOND TO THE ECONOMIC SHOCK FROM COVID-19

The Bank of England has also announced a comprehensive package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with COVID-19.

Interest rates have been reduced to 0.1% and additional funding will be available for banks to increase lending, especially to SMEs.

FUNDING

GRANTFINDER – FREE FUNDING PORTAL

GRANTfinder – the UK’s leading provider of funding information to the business, voluntary and public sector – recently announced that all councils in the UK will receive six months’ free access to a new online funding portal.

 

Based on the highly successful Open4Business solution, which already allows many local authorities across the UK to support local businesses in their areas to identify funding to succeed and grow, the new portal offers a simple way for councils to promote available funding. The portal is updated regularly with new local, regional and national funding announcements and can be easily searched by businesses on the basis of their industry, region and business size. The portal then provides information on how to apply for funding and contact funders directly.

 

The tool allows you to search for funding based on your business type and is easy to navigate. It will be available until October 2020 and you can sign up to receive email notifications if something pops up that meets your criteria at a later date. Click here to download a guide to using the funding search tools.

 

Please click here to access the dedicated InvestSK portal and begin your search for funding now.

NATIONAL LOTTERY COMMUNITY FUND £200M WORTH OF FUNDING

£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.

COVID-19 EMERGENCY HERITAGE AT RISK RESPONSE FUND

The Covid-19 Emergency Heritage at Risk Response Fund will award grants to help fund urgent maintenance, repairs and surveys at some of England’s locally-cherished historic buildings and sites.

 

The work funded will help heritage sites reopen to the public and thrive once again as quickly as possible – subject of course to Covid-19 restrictions. The business generated will help heritage specialists who, we know from our recent research, have been severely affected by the Covid-19 outbreak.

 

This, the second fund launched by Historic England to help the heritage sector recover from the effects of the pandemic, is a £3 million temporary funding stream. The deadline for expressions of interest is Sunday 28th June 2020. Click to find out more.

NATIONAL LOTTERY EMERGENCY HERITAGE FUND

The National Lottery Heritage Fund has announced £50 million of funding to support the heritage sector as an immediate response to the coronavirus (COVID-19) outbreak.

 

Grants of between £3,000 and £50,000 will be available to organisations, including; historic sites, industrial and wartime heritage, museums, libraries and archives, parks and gardens, landscapes and nature.

 

Organisations which have received funding in the past or are either a current grantee, or still under contract following a previous grant, can apply.

Priority will be given where:

  • there is limited or no access to other sources of support
  • where heritage is most at risk
  • where an organisation is at risk of severe financial crisis due to COVID-19

 

The National Lottery Heritage Fund has taken the decision to halt all new grant applications with immediate effect and The Heritage Emergency Fund will consist of money diverted from new grants.

 

Find out more here.

ACCESS – THE FOUNDATION FOR SOCIAL INVESTMENT £30 MILLION FUNDING

Access – The Foundation for Social Investment is set to receive £30m from dormant accounts to create new blended finance solutions for charities and social enterprises in England impacted by the COVID-19 crisis.

 

The £30m will be split between enabling existing emergency lending programmes to offer blended loan and grant projects rather than pure loans; and to help create new flexible forms of social investment and expand the range of financing tools available to the sector during the recovery. As it will be blended with other investment capital from a variety of sources, including Big Society Capital, it should significantly increase the availability of finance to the sector to help improve the lives of people and communities.

 

The new funding will complement initiatives such as the Growth Fund and allow for more patient and flexible forms of finance to be provided by social investors for organisations who need support over a longer term.

 

Access is a wholesaler and so will make the funds available through social investors, not directly to charities and social enterprises. The processes for partnering with social investors to access this funding will be announced by Access in due course.

 

Click to find out more on the Access website.

 

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InvestSK, St Peter’s Hill, Grantham, NG31 6PZ