Many businesses are concerned about cash flow, and have asked for help in navigating the government funding options that are being made available. We answer your questions below. Call our free helpline on 08000 862 819 if you need advice.
Back to our Covid-19 Hub.
What government support options are available for my business?
How do I know if my business meets the criteria for business rates relief and how do I claim it?
What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
What is the latest guidance on CBILS?
How can you work with funders to alleviate liquidity problems?
What should I do if my business is at risk of having its finance pulled?
How can I protect my cash flow?
What support can the banks and the private sector offer?
How can HCR help me access the support available for my business?
There are a range of options including Bounce Back Loans, CBILS, CLBILs, the Future Fund and the Covid Corporate Financing Facility. All except the Future Fund (which has now closed) now extend to 30 April 2021 or beyond.
Read our summary table for what is available, the eligibility criteria and procedure for claiming.
Last updated February 2021
Answered 27 March 2020
As a result of Covid-19 the government has forced many businesses to close. In addition to other measures the government has brought in, businesses in certain sectors will be eligible for some form of rates relief in the 2020 to 2021 tax year.
The list of eligible business types and the relief available to them is set out in this article.
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Answered 19 March 2020. Updated 3 April 2020
The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
It is provided by the British Business Bank via more than 40 accredited lenders and will offer financial support to SMEs across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak. The scheme provides the lender with a Government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. The borrower will always remain 100% liable for the debt – it is not a grant. The Government will also cover the first twelve months of interest payments and lender-levied charges.. The maximum value of a facility provided under the scheme will be £5m. To find out if you are eligible and for more information, visit:
Answered 19 March 2020
You have a range of options – some of the most important are:
this.
All of the above may be made easier with Government support.
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Answered 19 March 2020
We all hope that lenders will not be trigger-happy, but make yourself familiar with your obligations so that you can comply with them as far as possible and avoid defaulting, or potentially defaulting.
lender.
Answered 2 April 2020
Here’s our non-exhaustive “cash preservation checklist” with entries which every manager has an opportunity to influence:
Business owners and managers have never been under greater pressure or scrutiny. While the government is moving forward with plans to suspend wrongful trading sanctions during the Covid-19 crisis, your fiduciary and other duties to act in the best interest of the company
continue.
What support can the banks and the private sector offer?
Answered 23 March 2020
Unlike the 2008 financial crisis, Covid-19 represents a massive demand-side shock to our economy, and so lenders are still lending. A number of mainstream banks have dedicated support pages and we have provided links to some of these below:
Speak to your bank at the earliest opportunity if you are concerned about the effects of Covid-19 on your business. You should be discussing options such as capital repayment holidays or reductions, short term facilities or increased credit limits.
Consider short term facilities – a number of lenders (not just the mainstream funders listed above) offer short term, working capital facilities which could support your business. We work with a great number of such liquidity providers and can work with your business to access such funders. Options can include invoice finance facilities, business credit cards, merchant cash advances etc.
Also consider alternative debt providers, who offer different sources of capital. We have strong links to many of these institutions and can assist you with introductions and any subsequent capital
raises.
Answered 3 April 2020
We can help you by:
Service Teams