{"id":1607,"date":"2020-03-18T11:46:16","date_gmt":"2020-03-18T11:46:16","guid":{"rendered":"https:\/\/swoopfunding.com\/au\/?p=1607"},"modified":"2024-03-27T12:25:35","modified_gmt":"2024-03-27T12:25:35","slug":"swoop-business-support-update-330bn-loans-to-businesses","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/au\/blog\/swoop-business-support-update-330bn-loans-to-businesses\/","title":{"rendered":"Swoop business support update &#8211; \u00a3330bn loans to businesses"},"content":{"rendered":"\n<p><strong>18th March 2020&nbsp;<\/strong><\/p>\n\n\n\n<p>Tuesday\u2019s announcement was described by Risi Sunak as a \u201ccomprehensive, coordinated and coherent response to what is a serious and evolving economic situation. These are only the first steps.\u201d<\/p>\n\n\n\n<p>The loans, made on \u201cattractive\u201d but unspecified terms, would allow businesses to continue to carry out fundamental day-to-day tasks such as paying for wages, rent, and stock. The money, available from the start of next week, will be offered via the Bank of England for bigger firms, while <strong>smaller enterprises can seek Coronavirus Business Interruption Loans of up to \u00a35m each, the first six months will be interest free.<\/strong> Loans will be delivered through accredited lenders.&nbsp;<\/p>\n\n\n\n<p>Swoop has already received a number of questions via our hotline asking for further details on this <strong>\u00a3350bn+ of Government-backed support <\/strong>for UK businesses impacted by Coronavirus.&nbsp;<\/p>\n\n\n\n<p>So, to confirm, the highlights are:<\/p>\n\n\n\n<p>Total package of \u00a3350bn&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00a32bn to smaller businesses and households<\/li><li>Up to \u00a35m loans for smaller enterprises delivered through accredited lenders under the Coronavirus Business Interruption Loan Scheme<\/li><li>Cash grants worth \u00a325,000 to be made to retail, leisure and hospitality firms to help them bridge the period of turbulence<\/li><li>The smallest businesses in the country across all sectors of the economy will be able to seek grants worth \u00a310,000<\/li><li>Business rates paid on commercial properties will be scrapped this year for all companies in the retail, leisure and hospitality sectors.&nbsp;<\/li><\/ul>\n\n\n\n<p>This is a substantial package. Details on accessing this support are still to be defined, however, we\u2019re expecting some clarity over the next few days. What we know for sure is that <strong>loans of up to \u00a35m for working capital will be made to smaller enterprises via accredited lenders under the Coronavirus Business Interruption Loan Scheme.<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>This provides some much needed assurance for businesses and will help to buoy them through turbulent times.&nbsp;<\/p>\n\n\n\n<p>Here at Swoop we have a team dedicated to constantly monitoring and reviewing the support available. As soon as funds become accessible we will update businesses immediately and work together to review eligibility.<\/p>\n\n\n\n<p>While we\u2019re awaiting further clarity on accessing the new funds, there are a number of things Swoop can do to help you to navigate the best route for your business in the short term:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Get registered<\/strong> on the <a href=\"https:\/\/swoopfunding.com\/au\/\">Swoop website<\/a>, its free and you can securely link up your accountancy software and bank account to get your data working for you<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Once you\u2019ve registered on Swoop <strong>we\u2019ll get in contact<\/strong> to see how we can help you in the short term &#8211; please be assured there\u2019s absolutely no cost<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>We will <strong>keep you updated<\/strong> on the initiatives that have been announced and all future developments<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>We can <strong>help you review your existing bank facilities<\/strong> to make sure you\u2019re getting the best deal &#8211; we work with all the main banks&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>We\u2019re working alongside the funders providing the Government-backed support \u2013 as soon their terms are finalised we can assess your eligibility<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Many funders also have their own support in place, and we\u2019ll be able to match you to those most appropriate for your needs<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Now is the time to <strong>look at what savings can be made<\/strong> &#8211; Swoop can assess potential savings which can be made immediately<\/li><\/ul>\n\n\n\n<p><strong><strong>Swoop is closely monitoring when and how the money will start to flow to businesses. We are working with the funding providers ensuring we\u2019re in the best position to support our customers as soon as the funds become available.&nbsp;<\/strong><\/strong><\/p>\n\n\n\n<p>Website: <a href=\"https:\/\/swoopfunding.com\/au\">www.swoopfunding.com<\/a><\/p>\n\n\n\n<p>Coronavirus hotline:&nbsp;0203 868 0364<\/p>\n\n\n\n<p>Email: hello@swoopfunding.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>18th March 2020&nbsp; Tuesday\u2019s announcement was described by Risi Sunak as a \u201ccomprehensive, coordinated and coherent response to what is a serious and evolving economic situation. These are only the first steps.\u201d The loans, made on \u201cattractive\u201d but unspecified terms, would allow businesses to continue to carry out fundamental day-to-day tasks such as paying for [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":4785,"comment_status":"closed","ping_status":"closed","template":"","category":[1358],"class_list":["post-1607","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-covid-19"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"thumbnail":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-150x150.png",150,150,true],"medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-300x200.png",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"1536x1536":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"2048x2048":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"image_blog":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-408x252.png",408,252,true],"image_blog_full":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"image_podcast":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-397x298.png",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-30x20.png",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"image_blog_medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1.png",580,386,false],"image_single_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2020\/03\/news5-e1585758331429-1-80x53.png",80,53,true]},"post_excerpt_stackable_v2":"<p>18th March 2020&nbsp; Tuesday\u2019s announcement was described by Risi Sunak as a \u201ccomprehensive, coordinated and coherent response to what is a serious and evolving economic situation. These are only the first steps.\u201d The loans, made on \u201cattractive\u201d but unspecified terms, would allow businesses to continue to carry out fundamental day-to-day tasks such as paying for wages, rent, and stock. The money, available from the start of next week, will be offered via the Bank of England for bigger firms, while smaller enterprises can seek Coronavirus Business Interruption Loans of up to \u00a35m each, the first six months will be interest&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/swoopfunding.com\/au\/category\/covid-19\/\" rel=\"category tag\">COVID-19<\/a>","author_info_v2":{"name":"fabiocalheirosuk","url":"https:\/\/swoopfunding.com\/au\/author\/fabiocalheirosuk\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/1607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/comments?post=1607"}],"version-history":[{"count":1,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/1607\/revisions"}],"predecessor-version":[{"id":34205,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/1607\/revisions\/34205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media\/4785"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media?parent=1607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/category?post=1607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}