Coronavirus
The Business Finance Guide will share links to relevant business guidance and support from HM Government in relation to COVID-19.
Guidance
Coronavirus Business Interruption Loan Scheme – support for the continued provision of finance to UK businesses during the Covid-19 outbreak
There has never been a more challenging time for small businesses than the one we are currently facing.
As well as following government guidance and taking steps to prevent the spread of infection (see guidance), as a business owner and employer you will be faced with a difficult and challenging economic environment that will likely impact your business’ finances and you may struggle to manage your financial obligations in this time of crisis.
The British Business Bank and ICAEW have created new content to help businesses that are facing financial and operational challenges related to uncertainty and change, with a specific focus on improving the availability of cash to meet obligations within the business.
The guidance published here may not be relevant to your business and the specific challenges you’re currently faced with. We will endeavour to update the site as and when new government measures come into place, in order to help as many UK businesses as we can to access the support and resources they need during this current period of uncertainty.
Further to the Budget, on the 17 March the Chancellor announced an unprecedented packaged of government-backed and guaranteed loans to support businesses, making available an initial £330bn of guarantees – equivalent to 15% of GDP.
Learn more about the latest government measures
Included within these measures is the Coronavirus Business Interruption Loan Scheme (CBILS), to be delivered by the British Business Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) can provide smaller eligible UK businesses who are experiencing increased costs or disruptions to their cashflow with facilities of up to £5m.
There is no fee for businesses to access the scheme and UK Government will cover the first 12-months of interest payments and fees charged by Lenders under a CBIL facility. This means businesses benefit from lower upfront costs and repayments.
These facilities include:
– Term facilities
– Revolving credit facilities (Overdrafts)
– Asset finance facilities
– Invoice finance facilities
Included in this guide, you will find guidance on:
View guide to managing cash in times of change.
BUSINESS FINANCE GUIDE
Access to the right kind of finance at every stage in your growth journey enables businesses like yours to invest, grow and create jobs. That’s why the British Business Bank and ICAEW’s Corporate Finance Faculty, and partner organisations representing finance and business, have created the business finance guide.
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