There is currently a lot of support being offered to businesses to help them during the Coronavirus Pandemic. Companies with employees can furlough their staff and receive 80% funding towards their salaries. Self-employed businesses are also able to apply for the self-employment income support scheme.
A few weeks ago, the government also announced the Bounce Back Loan Scheme which allows smaller businesses to apply for a loan easily. 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.
We wanted to let you know about a few other schemes that may be worth looking at if you need more financial support. We know that for many businesses it may take longer to get back to full strength again after lockdown restrictions have been eased, so it is worth looking at other support now if you think this will help your business move forward.
Business Support Portal
The government Business Support portal outlines lots of different sources of funding for new and existing businesses.
There are many different types of finance available to a company with ambitions to grow. The government also provides tax reliefs to businesses that can be used for research, investment and assets.
Idox Open for Business
The Idox Open for Business website is being promoted by different Councils across the country to support their local business community. When you go onto this website, you need to set up an account, and then you can search for funding using the grant finder. You can also view success stories and access more help and advice through this scheme.
Salesforce and Enterprise Nation Grants
Salesforce and Enterprise Nation are collaborating to help small businesses across the UK. A new £5,000 grant has been launched this week to help small businesses that are struggling because of the coronavirus pandemic.
This grant is for companies that have between 2 and 50 employees.
Enterprise Nation will administer funding through a selection process. If your initial entry is shortlisted, you will be invited to send in a video pitch with an introduction to your business. They will want to know:
- how your company has been affected by coronavirus
- how securing the grant will help your business
- what it will be spent on
- how it will positively impact the community.
Applications for the Midlands area opens on 1st June, and you only have a week within to make the application. To find out whether you are eligible and about the application process, click on this link – Salesforce and Enterprise Small Business Grants.
We hope this helps you to understand better the level of support that is currently available to businesses. If you would like any advice about your financial position and the support available to you, please do get in touch.
You can call 01623 490 120 or email