Funding Updates - Businesses
Support Finder Tool
A new 'support finder' tool has been launched to help businesses and self-employed people across the UK to find out what financial support is available to them during the Coronavirus pandemic.
Coronavirus Business Interruption Loan Scheme
BCRS Business Loans have announced they have become a delivery partner for the Government’s Coronavirus Business Interruption Loan Scheme. BCRS have a track record of lending to businesses that are unable to access finance from traditional lenders. They can offer loans from £10,000 to £150,000 with terms up to six years. Under CBILS, interest and lender-levied fees will be paid by the Government for the first 12 months. For further information, visit the website.
Innovation Grants
The UK Government has announced a £1.25 billion government support package to support high growth firms and those focussing on research and development.
The Future Fund will issue convertible loans to innovative companies which are facing financing difficulties due to the coronavirus outbreak. The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme. The scheme will be delivered in partnership with the British Business Bank and will launch in May 2020.
