Blog

Government extends support to businesses affected by COVID-19

18/03/2020

The government yesterday extended its support package to help businesses who continue to be affected by the coronavirus (COVID-19) pandemic.

Chancellor Rishi Sunak announced the measures alongside Prime Minister Boris Johnson during yesterday’s daily update on how the government is tackling the crisis.

The Coronavirus Business Interruption Loan Scheme, announced in last week’s Budget, will now enable businesses to apply for lending of up to £5 million – a large increase from the £1.2 million cap that was in place when the initiative was first announced.

In addition, no interest will be due on the first 12 months, with the Scheme due to commence from next week.

Click here to read more about it, see whether your business is eligible and how to apply.

To further support businesses with cash flow and their fixed costs, the Chancellor revealed that eligible businesses in the retail, leisure and hospitality sectors could receive cash grants of up to £25,000, as well as a 12-month business rates holiday for companies in affected sectors.

And rather than the £3,000 cash grant announced last week, businesses eligible for small business rates relief will now receive £10,000 to support cash flow.


Further reading:


Comments

Some of the funders we work with

  • Pulse Cashflow Finance
  • InvoCap
  • Clear Factor
  • Leumi ABL
  • ABN AMRO Commercial Finance
  • Roma Finance
  • Kriya
  • Metro Bank SME Finance
  • Praetura Invoice Finance
  • 4Syte
  • Haydock Finance Ltd
  • Berkeley Trade Finance Ltd
  • Skipton Business Finance
  • Investec
  • Barclays
  • Aldermore Invoice Finance
  • Woodsford Tradebridge
  • Time Finance
  • Optimum Finance
  • PNC Business Credit
  • eCapital Commercial Finance
  • Allica Bank
  • Santander Corporate & Commercial
  • Davenham Asset Finance
  • Bibby Financial Services
  • Ultimate Finance Group
  • Castlebridge
  • Close Brothers Invoice Finance
  • IGF Invoice Finance
  • Blazehill Capital
  • Partnership Invoice Finance
  • Davenham Trade Finance
  • Nationwide Finance
  • MaxCap
  • Merchant Money
  • Tradeplus24
  • Peak Cashflow
  • Team Factors
  • Giant
  • Sonovate
  • Regency Factors
  • Lloyds Bank Commercial Finance
  • Cynergy Business Finance
  • Royal Bank of Scotland
  • Accelerated Payments

© Hilton-Baird Financial Solutions Limited
Registered in England and Wales. Company Registration Number: 03832884. Registered Office: 110 Cannon Street, London, EC4N 6EU
VAT Number: GB 182 5699 66. ICO Number: Z7220067

Authorised and regulated by the Financial Conduct Authority (FCA number 730445)
We are a credit broker and not a lender and offer credit facilities from a panel of lenders

We work with a panel of commercial finance providers and are typically remunerated by way of commission. The structure and amount of commission we receive varies between products and based on the facility. Further details are available on request.