18th March 2020
Tuesday’s announcement was described by Risi Sunak as a “comprehensive, coordinated and coherent response to what is a serious and evolving economic situation. These are only the first steps.”
The loans, made on “attractive” 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 £5m each, the first six months will be interest free. Loans will be delivered through accredited lenders.
Swoop has already received a number of questions via our hotline asking for further details on this £350bn+ of Government-backed support for UK businesses impacted by Coronavirus.
So, to confirm, the highlights are:
Total package of £350bn
This is a substantial package. Details on accessing this support are still to be defined, however, we’re expecting some clarity over the next few days. What we know for sure is that loans of up to £5m for working capital will be made to smaller enterprises via accredited lenders under the Coronavirus Business Interruption Loan Scheme.
This provides some much needed assurance for businesses and will help to buoy them through turbulent times.
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.
While we’re 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:
Swoop is closely monitoring when and how the money will start to flow to businesses. We are working with the funding providers ensuring we’re in the best position to support our customers as soon as the funds become available.
Coronavirus hotline: 0203 868 0364
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