COVID-19 Support for SMEs

The Government  announced a variety of support packages for SMEs to minimise disruption and steer them through the impact of COVID-19.  We have outlined the support measures for SMEs announced by the Government below – full details can be found... Read more

Blog16th Apr 2020

By Chris Thompson

The Government  announced a variety of support packages for SMEs to minimise disruption and steer them through the impact of COVID-19. 

We have outlined the support measures for SMEs announced by the Government below – full details can be found on the Government’s Covid-19 website.

Coronavirus Business Interruption Loan Scheme (CBILS) – Please note that the scheme closed to new applicants on 31 March 2021

CBILS was announced by the Government, and opened for applications from 23 March 2020.  CBILS allows UK companies with viable businesses to respond to cash flow issues during the COVID-19 outbreak. 

The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.  Proof that a business has insufficient security is no longer a condition to access the Scheme.

Click here to read our full overview of CBILS.

 

Pivotal Enterprise Resilience Fund – Please note that the fund closed to applications on 18 May 2020

The Scottish Government announced the Pivotal Enterprise Resilience Fund, providing grants to businesses that could play a critical role in supporting Scotland’s recovery, but needed some immediate support.  

The aim for the grants was to support businesses that had the potential to continue trading and supporting employment, but were suffering from immediate cash flow challenges, to get them back up and running or maintain their operations.

 

Bounce Back Loans – Please note that the scheme closed to new applicants on 31 March 2021

The UK Government has announced a new fast-track finance scheme, providing loans with a 100% Government-backed guarantee for lenders. The new “Bounce Back Loans” scheme will provide small businesses with loans between £2k and £50k.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days. 

Click here to find out more about Bounce Back Loans.

 

Support Packages Available to Innovative Businesses

The UK Government has announced plans for a £1.25 billion coronavirus package to protect innovative UK businesses. 

SMEs focusing on research and development (“R&D”) will benefit from £750m of support through a mix of grants and loans through Innovate UK.

Click here to find out more about the support available.

 

Other Support Schemes Eligible to SMEs

If you have any questions at all, please do not hesitate to contact Chris Thompson, a member of our dedicated COVID-19 support team who can also be reached at covid19support@aab.uk

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