24 Mar

Information on funding for business during coronavirus

The latest information on funding available to businesses during the coronavirus/COVID-19 crisis:

Business Interruption Loans – The loan scheme will support small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years. The government will also cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

You can approach your own bank or one of the 40 accredited providers. If your own bank is not on the list, check out First Enterprise to find your nearest provider.

Small Business Grant Funding –  The government is providing grants via local authorities to support small businesses that already pay little or no business rates due to small business rate relief (SBRR), rural rate relief (RRR) or tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Your business is eligible if your business is based in England and you are a small business and already receive SBRR and/or RRR and you are a business that occupies a property.

You do not need to do anything. Your Local Authority will write to you if you are eligible for this grant. Details of how the scheme will work will be published in the coming days.

For more information, please contact: admin@llep.org.uk