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:

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/