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…
Blog16th Apr 2020
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.
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.
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.
Find out more about the support available for early stage and innovative firms.
Other Support Schemes Eligible to SMEs
If you have any questions at all, please do not hesitate to contact us directly.