Businesses in Redditch will be able to access Government support from today (Monday 23 March) to keep operating in the face of the global economic emergency brought on by coronavirus.
More than £330 billion of loans and guarantees to help firms continue operating will be available for applications from the two schemes launching today – as the Government delivers on its commitment to do everything it can to support business and manage cash flows during this difficult time.
For small and medium sized businesses, the new Coronavirus Business Interruption Loan Scheme is now available for applications. This scheme will help any viable business with a turnover of up to £45m to access government-backed finance of up to £5 million. Interest payments and any lender-levied fees for businesses will be covered by the Government for an initial period of up to twelve months.
The Government will provide lenders with a guarantee of 80% on each facility to give lenders further confidence in continuing to provide finance to SMEs. The scheme is available through more than 40 accredited lenders, which are listed on the British Business Bank website.
The Bank of England’s new lending facility for larger firms – the Covid Corporate Financing Facility – will also be open for applications to participate from today. Information on this scheme can be found here: https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility
Rachel said: “I’m doing everything I can to support businesses in Redditch through this unprecedented period – the likes of which no one has experienced before.
“The Government is doing whatever it takes to ensure businesses survive, and from the many emails I’ve received from businesses in Redditch I know they welcome the support which has been announced.
“If any business is reading this and would like further support I would urge them to contact me via email: firstname.lastname@example.org and I will do what I can to help.”