The Government has, since the start of the pandemic, announced support and funding options available to businesses of all sizes in order to help them through these difficult times.

To try and digest some of the complex information into manageable chunks we have prepared a summary of what is currently out there for small and medium sized businesses.

In summary there are currently three schemes available for small to medium businesses – summary below, with links to Gov applications and our factsheets.

Coronavirus Business Interruption Loan Scheme (CBILS) Factsheet Download

Coronavirus Business Interruption Loan Scheme (CIBLS), suitable for more established businesses looking for overdraft and/or loan facilities that have been affected.

Bounce Back Loan Scheme (BBL) Factsheet Download

Coronavirus Business Interruption Loan Scheme (CIBLS), suitable for more established businesses looking for overdraft and/or loan facilities that have been affected.

COVID Corporate Finance Facility (CCFF) Factsheet – Download

Coronavirus Business Interruption Loan Scheme (CIBLS), suitable for more established businesses looking for overdraft and/or loan facilities that have been affected.

Corporate Finance Schemes

There is also a scheme available for those companies turning over more than £45 million, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and another scheme launching soon to help innovative firms with match funding to enable them to continue developing and trading, Coronavirus Future Fund.

Now, we appreciate this information is a complete mine field so please ensure that you:

  • Understand which facility is the better option for you and your business
  • Understand the lender’s requirements for what is needed
  • Understand what your responsibilities are, any guarantees involved
  • Understand what you can do with the money and what you can’t **
  • Understand the repayments terms fully and;
  • Can make the repayments

** Neither of the loans can be used for personal purposes, the funds must be used to generate economic benefit.  Refinancing of business debt is permitted.

Do talk to us should you have any questions regarding these, no matter how small.  Sence want all our clients to survive this awful pandemic and we are here to help.

Don’t commit to anything you are not fully onboard with.  None of this is FREE money.

We can help you put together information needed to make the applications if you need us to.

Reminder about scams

We are aware of an increase in scam emails, calls and texts. Eligible customers will be invited to claim through GOV‌.UK – it is the only service you can use. If someone gets in touch with you claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as their name, credit card or bank details, do not respond. It is a scam.  Contact us if you’re unsure.

Suspicious emails claiming to be from HMRC should be reported to us by sending them to phishing@hmrc.gov.uk. Texts should be sent to 60599.

We are here to support you all as much as possible so please do contact us if you’re unsure of anything or feel you need help with it all.