We hope you are all keeping well and safe.
Over the last months we have been keeping a close eye on the developments of Covid-19 and on UK government plans how to keep safe during the virus outbreak and what opportunities are available for our portfolio and other businesses.
Below you can find information about the different government support schemes available for businesses and individuals due to the virus outbreak.
LINK: Guidance: Closing certain businesses and venues in England
Working safely during coronavirus (COVID-19): Guidance to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic
We have compiled below information based on government guidance, as well as updates from other trade associations, to provide information what is available to public services, people and businesses through this period of disruption caused by COVID-19.
The temporary CBILS supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. Importantly, access to the scheme has been opened up to those smaller businesses who 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.
More information about who is eligible and how to access this scheme: British Business Bank website
The Government has announced an extension to the Future Fund. The Future Fund will now close for new applications on Monday, 30 November 2020.
The Future Fund will provide convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal matched funding from private investors. The scheme is designed by government and delivered by the British Business Bank.
Recent changes to the scheme’s eligibility criteria will mean that UK companies who have participated in highly selective accelerator programmes and were required, as part of that programme, to have parent companies outside of the UK will now be able to apply for investment.
Full terms and eligibility criteria are available on British Business Bank website
The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website. A lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000. The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).
You can apply for a loan if your business is based in the UK and has been negatively affected by coronavirus.
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website
Because some elements of business support are devolved, the measures you can access may differ if your business is in Scotland, Wales or Northern Ireland. We have also included guidance for businesses in Republic of Ireland.
Businesses in Scotland: View the latest guidance on coronavirus for businesses in Scotland
Businesses in Wales: View the latest guidance on coronavirus for businesses in Wales
Businesses in Northern Ireland: View the latest guidance on coronavirus for businesses in Northern Ireland
Businesses in Republic of Ireland: Government supports for coronavirus impacted businesses
BVCA: Coronavirus Updates
HM Government Business Support: Coronavirus business support
HM Government: Find coronavirus financial support for your business
British Business Bank: Coronavirus business interruption loan schemes and fund
Federation of Small Businesses: Advice and guidance for small businesses and the self-employed
4th floor, 112-116 New Oxford St, London WC1A 1HH