In response to the coronavirus (Covid-19) outbreak, 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:
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 already set out a number of measures aimed at supporting businesses through the outbreak. You can find out more at: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
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. You can find out more at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Self-Employed Income Support Scheme
Self-employed people will receive cash grants of 80% of their average monthly trading profit over the last three years to help them during the Covid-19 outbreak. The payments – of up to £2,500 a month – will be made in a single lump sum, covering the three months to May, and will start to be paid at the beginning to June. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.
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.
We’ve sent our borrowers a link to an online questionnaire to find out how their business is faring and what assistance we can offer. If you’re a LendingCrowd borrower and haven’t received a link, please let us know. We’re here to help.
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 firstname.lastname@example.org or call 0345 564 1600.