Government extends support to businesses affected by COVID-19


This article was updated on 20/03/2020.

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:


Some of the funders we work with

  • PNC Business Credit
  • Peak Cashflow
  • 4Syte
  • Investec
  • Santander Corporate & Commercial
  • Davenham Trade Finance
  • Royal Bank of Scotland
  • Davenham Asset Finance
  • ABN AMRO Commercial Finance
  • Team Factors
  • inFund
  • Merchant Money
  • Blazehill Capital
  • Time Finance
  • InvoCap
  • Bibby Financial Services
  • Creative Capital
  • Clear Factor
  • MaxCap
  • FIBR Tech Limited
  • Barclays
  • Secure Trust Bank
  • Aldermore Invoice Finance
  • Sonovate
  • iwoca
  • Accelerated Payments
  • Optimum Finance
  • Partnership Invoice Finance
  • Close Brothers Invoice Finance
  • MarketFinance
  • Haydock Finance Ltd
  • Woodsford Tradebridge
  • Trade Finance Partners
  • Skipton Business Finance
  • Regency Factors
  • Nucleus Commercial Finance
  • IGF Invoice Finance
  • Ultimate Finance Group
  • Metro Bank SME Finance
  • Lloyds Bank Commercial Finance
  • Giant
  • Asset Advantage
  • Pulse Cashflow Finance
  • Roma Finance
  • Shawbrook Business Credit
  • Leumi ABL
  • Berkeley Trade Finance Ltd
  • Boost Capital

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

Our website uses cookies. For more information about managing cookies, visit our Privacy and Cookie Policy. Continue