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Business loans, grants and rate relief

There are a number of schemes available depending on your business and needs.

Business grants

Local Restrictions Support Grant for businesses closed from 5 November to 2 December 2020

Business loans

Coronavirus (COVID-19) Business Interruption Loan Scheme – businesses can apply for a loan of up to £5 million. The government will cover up to 80% of any losses with no fees. The government will cover the first 12 months of interest payments. 

Small Business Bounce Back Loan Scheme – Businesses can borrow between £2,000 and £50,000 and access the cash within days. Loans are interest free for the first 12 months.

COVID-19 Corporate Financing Facility – the Bank of England can buy short-term debt from larger companies, if they meet the criteria.

Rate relief

A discount of 100% has been extended to all businesses in the Retail, Leisure and Hospitality sector, regardless of Rateable Value, for the year 2020/21. 

You are eligible if your business is a:

  • shop
  • restaurant, café, bar or pub
  • cinema or live music venue
  • assembly or leisure property - for example, a sports club, a gym or a spa
  • hospitality property - for example, a hotel, a guest house or self-catering accommodation.

Further guidance on business rate relief can be found here.