There is a variety of support available to businesses within our region including:
- Coronavirus Business Interruption Loan Scheme (CBILS)
- Green Recovery Challenge Fund
- Bounce Back Loans Scheme (BBLS)
- Coronavirus Future Fund
Coronavirus Business Interruption Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme (CBILS) is provided by the British Business Bank through 40 participating providers including all major banks. This measure is targeted towards all SMEs affected by Covid-19, and not just those unable to secure regular commercial financing, so long as they meet the scheme’s eligibility criteria. As well as loans, there are many other types of finance supported by CBILS, depending on the provider. These include term facilities, overdrafts, invoice finance facilities, and asset finance facilities.
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Bounce Back Loans Scheme (BBLS)
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan. The scheme will be delivered through a network of accredited lenders.
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Coronavirus Future Fund
The government’s £500 million Future Fund is now taking applications from innovative and high-growth British businesses looking to secure investment to help them through the Coronavirus outbreak. UK-based companies can now apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.
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Green Recovery Challenge Fund
The Government's £40 million Green Recovery Challenge Fund is now open for applications. The fund is designed to create jobs in nature recovery and conservation. Grants from £50,000 to £5 million are now available with applications due to close on 2 October
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