Coronavirus Support: Financial Support, Grants and Business Rates
Financial support for businesses of all sizes impacted by Coronavirus.
Coronavirus Financial Support
The third phase of the Government's Recovery Loan Scheme launched this August. The Recovery Loan Scheme is designed to help smaller businesses access finance to help them recover and grow their business following Covid.
The Scheme offers:
- Term loans, overdrafts, asset finance, and invoice finance.
- Finance between £1,000-£2m.
- 70% Government guarantee to lender (Borrower is still 100% liable for the debt)
Businesses who have previously accessed other finance including CBILS, BBLS are eligible to apply. Businesses are encouraged to check with their existing bank to see if they are offering this finance or can visit this page to see all current accredited lenders. If you want to discuss and understand the scheme further then please contact us.
Repayment of Bounce Back Loans
Bounce Back Loan borrowers can tailor payments according to their individual circumstances. Lenders will proactively and directly inform their customers of Pay as You Grow, and borrowers should only expect correspondence three months before their first repayments are due.
It will provide businesses with the following options:
- Extend the length of the loan from six years to ten
- Make interest-only payments for six months, with the option to use this up to three times throughout the loan
- Pause repayments entirely for up to six months
Your lender will get in touch to outline your options three months before your repayments are due to start.