If your business is facing cash flow issues as a result of coronavirus (COVID-19), there are financial support schemes that can help.
You can also apply for coronavirus help with Business Rates.
A new temporary Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, will support businesses to access bank lending and overdrafts.
The Government will provide lenders with a partial guarantee of 80% on each loan. This will give lenders further confidence in continuing to provide finance to small and medium-sized enterprises (SMEs).
For further information about CBILS, visit the British Business Bank website.
The Bounce Back Loan scheme will help SMEs to 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 six 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 will be delivered through a network of accredited lenders.
Visit the GOV.UK website to apply for the Bounce Back Loan.
Solent LEP (Local Enterprise Partnership) has agreed the immediate release of £600,000 via Crowdfunder, with more available if demand is there. Solent is the first LEP in the country to use this innovative approach to fund SMEs within its region.
Find out more about the Solent LEP Crowdfunding Programme.
If your large business is facing cash flow issues as a result of coronavirus, the new COVID-19 Corporate Financing Facility means that the Bank of England will buy short term debt from companies.
This will support companies that are fundamentally strong but have been affected by a short-term funding squeeze, enabling them to continue financing their short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms.
Visit the GOV.UK website to apply for the COVID-19 Corporate Financing Facility.