An announcement by the Chancellor on Friday 3rd April has seen an increase in support for businesses large and small which are impacted by COVID-19.
Currently £90 million of business interruption loans have been approved for nearly 1,000 firms and £1.9 billion corporate finance provided to firms hit by COVID-19.
To maximise the support available, Coronavirus Business Interruption Loan Scheme (CBILS) will be extended so that all viable small businesses affected by COVID-19 can access it. The scheme is not just for those unable to secure regular commercial financing, and businesses will now be eligible should they need finance to keep operating during this difficult time. The government will continue to cover the first twelve months of interest and fees.
A lender can provide up to £5 million in the form of:
There is lots of information about the scheme available on the British Business Bank website
The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will ensure that more firms are able to benefit from government-backed support during this difficult time. It will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest and further details of the scheme will be announced later this month.
Food redistribution fund.
Food redistribution organisations across England will benefit from £3.25 million of government funding to help them cut food waste and redistribute up to 14,000 tonnes of surplus stock during the coronavirus outbreak.
The press release for the government scheme can be read HERE