Cookies are temporary files we place on your device to improve your user experience, for example to sign up and log in to your account. Find out more about cookies, and how to control them, in our privacy policy. By continuing to use our site, you agree to this policy Close image

Covid-19: support and information for businesses


In response to the coronavirus (Covid-19) pandemic, a range of measures have been announced by the UK Government and devolved administrations to support businesses through this fast-changing situation.

To help our valued community of borrowers access this information and support in an easy-to-use format, we have published guides for you to download, with the content tailored for businesses in:

England
Wales
Scotland

We will update these guides as more information becomes available, so please visit the LendingCrowd blog regularly to keep up with developments. If you are not a LendingCrowd borrower, please feel free to use and share these guides if they help.

UK Government support measures
This is a rapidly evolving situation and the UK Government has set out a number of measures aimed at supporting businesses through the outbreak. Find out more on the UK Government website.

Bounce Back Loans
This new loan scheme for small businesses offers loans of between £2,000 and £50,000. The UK Government will pay interest and any fees for the first 12 months. No repayments will be due during the first 12 months. Find out more on the UK Government website.

Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme can provide loans of up to £5 million for smaller businesses across the UK. The loans will be interest free for the first 12 months.

Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, employers can access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off due to Covid-19. ‘Furloughed workers’ will receive 80% of their current salary, up to a cap of £2,500 per month. On 12 May 2020, the Chancellor announced that the scheme would be extended until the end of October.

Self-Employed Income Support Scheme
Self-employed people (including members of partnerships) can claim financial support to help them during the Covid-19 outbreak. This scheme will allow you to claim a taxable grant worth 80% of average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500.

The Federation of Small Businesses is also a valuable source of information: https://www.fsb.org.uk/campaign/covid19.html

We’re keen to speak to as many of our borrowers as possible at this time. It’s important to maintain a dialogue, so if we have not already been in contact you can expect to hear from us soon.

The entire LendingCrowd team is working tirelessly to deliver the best possible outcomes for you and your business. Thank you for your continued support.

If you have any questions, please email contactus@lendingcrowd.com or call 0345 564 1600.

Article author

Gareth Mackie

Gareth Mackie

If you invest through LendingCrowd you should understand that your capital is at risk.

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

Read more about the risk involved when investing and borrowing.

The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

Copyright © LendingCrowd 2020. All rights reserved.

Best P2P Business Lender NACFB
Mobile Analytics Comodo

LendingCrowd is open for business and stands ready to help borrowers and lenders through the Covid-19 outbreak. Find out more: