Business loans, grants and rate relief
There are a number of schemes available depending on your business and needs.
The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund Schemes are now closed.
Applications received before midnight on 28 August will be processed as will those that are already in progress. However, the Government requires any outstanding issues, including those with the Valuation Office Agency to be resolved by 30 September as no further payments can be made after this date.
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.
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:
- 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.