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 Job Retention Scheme
- Coronavirus Future Fund
- The Self-Employment Income Support Scheme (SEISS)
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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The Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough them full-time, and will only be asked to cover National Insurance and employer pension contributions which, for the average claim, accounts for just 5% of total employment costs. This scheme has been extended until 2nd December 2020.
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The Self-Employment Income Support Scheme (SEISS)
The government has increased its support to the self-employed under the Self-Employment Income Support Scheme (SEISS), ensuring people get paid faster than previously planned and with people receiving 80% of average trading profits for November. More businesses will also be able to benefit from government loan schemes which have been extended to the end of January, while firms can ‘top up’ existing Bounce Back Loans should they need additional finance
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