HM Treasury has announced that Chancellor Rishi Sunak is taking further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies.
The Chancellor states:
• £90 million of business interruption loans approved for nearly 1,000 firms and £1.9 billion corporate finance provided to firms hit by COVID-19;
• current loan scheme extended so more small businesses can benefit;
• lenders banned from requesting personal guarantees on loans under £250,000;
• new scheme announced to bolster support for larger firms not currently eligible for loans;
• Chancellor emphasises importance of banks moving quickly to support the economy, jobs and businesses.
The changes made are after criticism about how the banks were interpreting the scheme and the perceived lack of speed to get loans and overdrafts to businesses.
We have also recently partnered with Capitalise where we can gain access to many lenders who will match your business needs: https://www.horsfield-smith.co.uk/insights/blog/covid-19-access-to-emergency-funding-for-businesses/
Please see: https://www.gov.uk/government/news/chancellor-strengthens-support-on-offer-for-business-as-first-government-backed-loans-reach-firms-in-need?utm_source=0bbd6ff0-70a1-4d7a-84cf-664a8d4e5929&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate
If you need help securing the finance to keep your business afloat please talk to us about the Government support schemes available on 0161 761 5231 or email firstname.lastname@example.org