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.
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.