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Covid

Support for SMEs

There’s no denying that COVID-19 has caused huge disruption to businesses across the UK.

So, to help make sense of this stressful (and sometimes, confusing) time, commercial financial experts, ABC Finance, have broken down:

  • How government assistance works
  • How to access funding
  • The options available to you for traditional business funding

You can find the helpful guide here > https://abcfinance.co.uk/business-loans/guides/covid-19-funding-guide/

Government Grants & Support

Business Rates Removed for Retail, Hospitality and Leisure Industries

  • For those in retail, hospitality and leisure industries, there will be no business rates to pay for the 2020/21 tax year.
  • No action is required for this.

Small Business Grant Funding (with a Rateable Value of £15,000 or less).

  • You are eligible for a £10,000 grant to help manage the cost of running your business through this crisis.
  • You don’t need to apply – your local council will write to you with details.
  • Unsure if you qualify? Check with your local authority.

Large Business Grant Funding (with a Rateable Value of £15,001 to £51,000)

  • This is also for businesses based in the retail, hospitality and leisure industry.
  • You can quality for a grant of £25,000 to help manage the cost of running your business through this crisis.
  • You don’t need to apply – your local council will write to you with details.
  • Unsure if you qualify? Check with your local authority.

Coronavirus Job Retention Scheme

  • Available to all UK businesses, allowing you to claim back 80% of wage costs for ‘furloughed workers’ (those granted a leave of absence from this crisis), which will be sent to the employer.
  • Further details about this are being released so please keep an eye out.

Options Available for Business Loans

Unsecured Business Loans

  • These are still available, only take 5-7 days and can lend you £3,000 to £500,000.
  • Terms are available for 6-60 months and currently, the government are covering the interest for the first 12 months.
  • To find the best loan for your business, you should speak to a fee-free broker. Never pay upfront ‘advice fees’ or ‘admin fees’ either.
  • Through the Coronavirus Business Interruption Loan Scheme, the government will be guaranteeing 80% of certain business loans and overdrafts to promote lending, too.

Business Cash Advances

  • Allows business owners to borrow against their future card receipts, making it a strong option for businesses who generate a lot of money each month through a card terminal.
  • Only takes 2-5 days and allows you to borrow £2,500 – £300,000.

Interested in reading the full findings? They delve into even more options: https://abcfinance.co.uk/business-loans/guides/covid-19-funding-guide/

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