Loans and Grants

Tuesday 15 September 2020

Restart and Recovery SME Grants and Kick-start Tourism Grants

Further to our update on Wednesday 5 August (see below), new grants are available to boost the recovery of Small Businesses. These grants are awarded on a first come first served basis and open today (Tuesday 15 September) at midday.

The funding will be available from Local Enterprise Partnerships (LEPs). To apply and find out more, please locate and contact your local area Growth Hub. You can do this by following the link below and clicking on the LEP in your area - going direct to them.

Details of all Growth Hubs can be found here.


 Thursday 10 September 2020

Ministers announce new grants for businesses affected by local lockdowns

Ministers have announced new funding to support businesses impacted by Covid-19.

Businesses in England required to close due to local lockdowns or targeted restrictions will now be able to receive grants worth up to £1,500 every three weeks. To be eligible for the grant, a business must have been required to close due to local Covid-19 restrictions. The largest businesses will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000.

Payments are triggered by a national decision to close businesses in a high incidence area. Each payment will be made for a 3 week lockdown period. Each new 3 week lockdown period triggers an additional payment.

The scheme provides a safety net to further protect jobs where a business is required to close and comes in addition to billions of pounds of existing loans, grants and tax breaks as well as the Chancellor’s Plan for Jobs.

Further information on the scheme, who is eligible and how the grants will be distributed can be found here.


 Friday 28 August 2020

The Government Actuary’s Department (GAD) kickstart for film and TV productions

The Government Actuary’s Department (GAD) has helped to deliver a project which is providing £500m to the UK film and TV industries adversely affected by COVID-19.

The new ‘Film and TV Production Restart Scheme’, set up with the help of modelling and actuarial expertise provided by GAD, is set to help jumpstart productions.

Insurance Issues

The UK’s film and TV production sectors support more than 180,000 jobs and contribute more than £12 billion a year to the economy. However, the Coronavirus global pandemic has led to severe problems for all aspects of production.

The extensive effects of lockdown and social distancing meant domestic production and filming projects were not able to get adequate insurance, so filming was halted or could not begin.

New Scheme

In this 2-month long project, GAD worked with the Department for Digital, Culture, Media and Sport (DCMS) to create a compensation fund which complements commercially available insurance schemes so that cover is complete.

If you are in this sector please click here for further details.


 Wednesday 5 August 2020

New Grants to Boost Recovery of Small Businesses

Thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover from the effects of the Coronavirus pandemic, the Minister for Regional Growth and Local Government has announced.

Small and medium sized businesses will have access to grants of between £1,000 - £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track.

The support will be fully funded by the Government with no obligation for businesses to contribute financially and the support will be fully funded by the government from the England European Regional Development Fund and distributed through local enterprise partnerships (LEP) Growth Hubs, embedded in local areas across England.

LEPs are voluntary partnerships between local authorities and businesses, set up in 2011 by the Department for Business, Innovation and Skills to help determine local economic priorities and lead economic growth and job creation within the local area.

Activities supported through the £20 million can include:

• One-to-many events providing guidance to respond to Coronavirus,
• Grants (£1,000 - £5,000) to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.

More information on the grant can be found here.


 Thursday 11 June 2020

Local Authority Discretionary Grant Fund Launched

The Discretionary Grant Fund supports small and micro businesses that are not eligible for other grant schemes opened on the 8 June.

Small and micro businesses with fixed property costs that are not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund may be eligible for the Discretionary Grants Scheme.

What you get

You can get a grant of £25,000, £10,000 or any amount under £10,000.

Eligibility

You may be eligible if your business:

  • is based in England
  • has relatively high ongoing fixed property-related costs
  • occupies property (or part of a property) with a rateable value or annual mortgage/rent payments below £51,000
  • was trading on 11 March 2020

You will need to show that your business has suffered a significant fall in income due to Coronavirus.

The Government has asked local councils to prioritise businesses such as:

  • small businesses in shared offices or other flexible workspaces, such as units in industrial parks or incubators
  • regular market traders
  • bed and breakfasts paying council tax instead of business rates
  • charity properties getting charitable business rates relief, which are not eligible for small business rates relief or rural rate relief

Local councils have discretion about how to prioritise this funding. Please check with your council for details of their scheme.

You cannot apply if your business is in administration, insolvent or has received a striking-off notice.

If you are already claiming funding

You cannot apply if you are already claiming under another government grant scheme, such as:

  • Small Business Grant Fund
  • Retail, Hospitality and Leisure Grant
  • Fisheries Response Fund
  • Domestic Seafood Supply Scheme
  • Zoos Support Fund
  • Dairy Hardship Fund

Businesses that apply for the discretionary grants scheme can still apply for Coronavirus-related loans if they are eligible.

You are still eligible if you have applied for the Coronavirus Job Retention Scheme or the Self-Employed Income Support Scheme.

For the full report click here.


Thursday 7 May 2020

Business Bounce Back Loan – Frequently Asked Questions (FAQs)

The British Business Bank has released FAQs for Small Businesses regarding the Bounce Back Loan Scheme, these can be found here.


Thursday 30 April 2020

Government announces “bounce back” loans for small businesses

The Government has announced a new 100% Government backed loan scheme for small businesses.

Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.

Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

• Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days.
• Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form.
• Loan terms will be up to 6 years.
• No repayments will be due during the first 12 months.

The scheme will launch for applications on Monday 4 May. Businesses will be able to access these loans through a network of accredited lenders.

The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by Coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • further-education establishments if they are grant-funded
  • state-funded primary and secondary schools
  • if you are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

More information about the scheme will be published shortly. Click here for further details.

Find out if your business is eligible to receive government support

You may be eligible for loans, tax relief and cash grants. Use the business support finder to see what support is available for you and your business.

Coronavirus Business Support Finder

Wednesday 15 April 2020

Genuine HMRC contact and recognising phishing emails and texts

Please beware of emails and messages pertaining to be from HMRC. Take extra caution at this time and do not click on links or share personal details. Please talk to us if you want to confirm whether any correspondence is genuine. Find out how to recognise when contact from HMRC is genuine, and how to recognise phishing or bogus emails and text messages by clicking here.


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