Business Loans to help with Covid-19

Bounce Back Loan

The Bounce Back Loan scheme is available to small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

There are 11 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You can apply for a Bounce Back Loan if your business:

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus

 
If your business was classed as a business in difficulty on 31 December 2019 you will need to confirm that you’re complying with additional state aid restrictions.

Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

 
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

Coronavirus Business Interruption Loan Scheme

The government have announced a Coronavirus Business Interruption Loan Scheme (CBILS) to support small and medium sized businesses.

The scheme supports small and medium sized enterprises (SMEs) with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

There are over 50 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You are eligible for the scheme if your business:

  • is based in the UK
  • has an annual turnover of up to £45 million

 
You need to show that your business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by coronavirus

 
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.

Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) helps medium and large sized businesses to access loans and other kinds of finance up to £50 million. A lender can provide up to £25 million to businesses with a turnover from £45 million to £250 million, and £50 million to businesses with a turnover of over £250 million. Finance is available from 3 months to 3 years.

From 26 May, larger businesses will be able to borrow up to a maximum of £200 million.

There are 12 lenders taking part in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You can apply for a loan if your business:

  • is based in the UK
  • has an annual turnover of over £45 million
  • has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)

 
You need to show that:

  • your business would be viable were it not for the pandemic
  • your business has been affected by coronavirus
  • the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus

 
Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • building societies
  • public-sector bodies
  • state-funded primary and secondary schools

 

Covid Corporate Financing Facility

The government are offering support for larger firms through the Covid Corporate Financing Facility.

Under the scheme, the Bank of England will buy short-term debt from large companies. It will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms.

The scheme is delivered through commercial lenders, backed by the Bank of England.

Companies – and their finance subsidiaries – that make a material contribution to the UK economy are able to participate.

Future Fund

The Future Fund provides 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 an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

The scheme is open for applications until the end of September 2020 and being delivered by the British Business Bank. Find out how to apply here.

Your business is eligible if:

  • it is UK-incorporated – if your business is part of a corporate group, only the parent company is eligible
  • it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
  • none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
  • it was incorporated on or before 31 December 2019
  • at least one of the following is true:
  • – half or more employees are UK-based
  • – half or more revenues are from UK sales

 

Bounce Back Loan

The Bounce Back Loan scheme is available to small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

There are 11 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You can apply for a Bounce Back Loan if your business:

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus

 
If your business was classed as a business in difficulty on 31 December 2019 you will need to confirm that you’re complying with additional state aid restrictions.

Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

 
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

Coronavirus Business Interruption Loan Scheme

The government have announced a Coronavirus Business Interruption Loan Scheme (CBILS) to support small and medium sized businesses.

The scheme supports small and medium sized enterprises (SMEs) with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

There are over 50 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You are eligible for the scheme if your business:

  • is based in the UK
  • has an annual turnover of up to £45 million

 
You need to show that your business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by coronavirus

 
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.

Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) helps medium and large sized businesses to access loans and other kinds of finance up to £50 million. A lender can provide up to £25 million to businesses with a turnover from £45 million to £250 million, and £50 million to businesses with a turnover of over £250 million. Finance is available from 3 months to 3 years.

From 26 May, larger businesses will be able to borrow up to a maximum of £200 million.

There are 12 lenders taking part in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You can apply for a loan if your business:

  • is based in the UK
  • has an annual turnover of over £45 million
  • has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)

 
You need to show that:

  • your business would be viable were it not for the pandemic
  • your business has been affected by coronavirus
  • the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus

 
Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • building societies
  • public-sector bodies
  • state-funded primary and secondary schools

 

Covid Corporate Financing Facility

The government are offering support for larger firms through the Covid Corporate Financing Facility.

Under the scheme, the Bank of England will buy short-term debt from large companies. It will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms.

The scheme is delivered through commercial lenders, backed by the Bank of England.

Companies – and their finance subsidiaries – that make a material contribution to the UK economy are able to participate.

Future Fund

The Future Fund provides 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 an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

The scheme is open for applications until the end of September 2020 and being delivered by the British Business Bank. Find out how to apply here.

Your business is eligible if:

  • it is UK-incorporated – if your business is part of a corporate group, only the parent company is eligible
  • it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
  • none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
  • it was incorporated on or before 31 December 2019
  • at least one of the following is true:
  • – half or more employees are UK-based
  • – half or more revenues are from UK sales

 

Business Tax

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