The Government has 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)
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.
Click here to read our full overview of CBILS.
Pivotal Enterprise Resilience Fund
The Scottish Government has announced the Pivotal Enterprise Resilience Fund, providing grants to businesses that can play a critical role in supporting Scotland’s recovery, but need some immediate support.
The aim for the grants is to support businesses that have the potential to continue trading and supporting employment, but are currently suffering from immediate cash flow challenges, get back up and running or maintain current operations.
Click here to find out more about the fund, what is classed as a pivotal business, and the application requirements.
Bounce Back Loans
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.
Click here to 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.
Click here to find out more about the support available.
Other Support Schemes Eligible to SMEs
If you are unsure about what Government support package is available to your business, we are here to help. We have created a simple toolkit that cuts through the noise and makes you aware of exactly what help is available to you. It takes a few minutes to fill out and you can find it on our COVID-19 Information hub.