Small businesses have never experienced a more challenging time than the one in which we now find ourselves.
The government has responded with a range of support measures and guidance on steps to be taken to avoid the spread of infection as some businesses return to work. They have also provided a range of financial resources to help UK businesses survive, transition and prepare for a post COVID-19 economy.
As part of this path to recovery, it’s important for UK businesses to stay up to date with resources available to them as the crisis develops.
Coronavirus: Government measures
On 11th March 2020, the Chancellor set out a £12 billion package of measures to support businesses through the economic disruption caused by COVID-19.
Further to the Budget, on 17th March the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of GDP.
Learn more about the latest government measures
Bounce Back Loan Scheme (BBLS)
- For SMEs, micro businesses and other businesses requiring smaller loans
- Looking for between £2,000 and £50,000
- Term loan repaid over six years
- No set-up fees and first 12 months of interest payments covered by government
- No repayments during the first 12 months
Learn more about BBLS
Coronavirus Business Interruption Loan Scheme (CBILS)
- For smaller businesses with a turnover of less than £45 million
- Looking for up to £5 million in finance
- Business loans, overdrafts, invoice finance and asset finance available
- First 12 months of interest and lender-levied fees covered
- More than 40 accredited lenders
Learn more about CBILS
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- For larger businesses with a turnover of more than £45 million
- Looking for up to £200 million in finance
- Business loans, overdrafts, invoice finance and asset finance available
- Repayment terms of up to three years
Learn more about CLBILS
Future Fund
The Future Fund issues convertible loans starting from £125,000 to innovative companies currently being affected by COVID-19. The loans must be at least 100% match-funded by third-party investors.
Designed for companies with good potential that typically rely on equity investment, the scheme will help companies through this period of economic disruption and recovery, so that they are able to continue their growth trajectory and reach their full economic potential.
Eligible companies need to have previously raised £250,000 or more in equity investment.
Learn more about the Future Fund
The above schemes are just some of the measures the Government has announced. You can find full details of how the Government is supporting public services, people and businesses through this period of disruption caused by the coronavirus here
Learn more about other types of financial support available for businesses
Find coronavirus support for your business
The UK Government has created a simple business support finder to help businesses locate the financial support available to them
Visit the business support finder
Guidance on reopening workplaces safely
The UK The UK Government has developed a tool to help businesses in England to reopen safely during coronavirus. The tool encourages businesses to carry out a risk assessment and helps to identify the workplace adjustments that they should make. has created a simple business support finder to help businesses locate the financial support available to them.
Visit the business support finder
Your business in times of uncertainty:
Included in this guide, you will find guidance on:
- Financial and operational management, including managing late payment
- Making your team aware of how they can help improve the business’s cash position
- Where to go for advice and funding options
- How to approach lenders and investors, especially if you have an immediate cash shortfall
View guide to managing cash in times of change.