Bank of England links for business financial support for Covid-19
This information originates from an email received from The Bank of England on 19th March 2020.
We’re mindful that many businesses and households are struggling and that circumstances are changing fast and some of you have asked where to find information. This may not be comprehensive but we have tried to collect together the most obvious places where you can check what support is available and how it will be delivered. More information will be available from next Monday on the lending schemes – please check the relevant websites.
Government:
The Welsh Government has also announced an additional package of support for businesses hit by Coronavirus. More detail can be found here: https://businesswales.gov.wales/coronavirus-advice
The Development Bank of Wales are offering a three-month capital repayment holiday to their customers to help manage cash flow as the Coronavirus continues to develop. https://developmentbank.wales/coronavirus-support-welsh-businesses
The announcement on the Gov.uk website lists the various measures available and who is administering them https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses – it is comprehensive & updated as they add additional measures.
The ‘business interruption’ loan scheme (up to £5m loans) will launch next week and will be delivered through the British Business Bank and the BBB link is: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Two schemes involving the Bank of England:
* The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
* Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility and for which there is a market notice explaining some of the detail of how the facility will work: https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020. Application forms and pricing will be added to the Bank of England’s website on Monday 23rd.
* the Bank will publish a dedicated webpage for corporates seeking to use the Covid Corporate Financing Facility (CCCF) as soon as possible.
The Association of British Insurers have issued a statement on business insurance cover here<https://www.abi.org.uk/news/news-articles/2020/03/statement-on-business-insurance-and-coronavirus/> and have a COVID-19 Q&A here<https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/> which includes business insurance, trade credit, income protection and pensions and investments.
Also, in case useful:
* Visit Wales: have a dedicated COVID-19 webpage for the latest updates and key links for businesses and industry: https://www.visitwales.com/coronavirus
* For anyone involved with charities: https://www.civilsociety.co.uk/news/coronavirus-what-charities-need-to-know.html