We’re living in unprecedented times, with the Coronavirus crisis causing uncertainty for business owners and employees alike. Our offices may be temporarily closed, but we are still here to provide advice and support to our clients where possible, answering the questions you need to know.

 

Q: Should I consider a loan through my bank, or will I be faced with high repayments?

 

A:

 

It’s not uncommon for businesses to be worrying where income will come from, which leaves many looking into loans and finance options.

 

With this in mind, the Chancellor has introduced the Coronavirus Business Interruption Loan Scheme, which is designed to support SMEs 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 make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses can apply for the financial support they need without the worry of upfront costs and higher initial repayments.

 

As part of this, lenders will be provided with a guarantee of 80% of each loan to give them further confidence in continuing to provide finance to struggling SMEs.

 

The scheme will be delivered through over 40 accredited, commercial lenders, which includes all major banks.

 

Find out if you’re eligible and how to apply for this support here.