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Support for businesses – October 2021


To help our valued community of borrowers during the Covid-19 pandemic, we have produced guides to download in an easy-to-use format. These guides contain details of support measures such as rates relief and the Recovery Loan Scheme, with the content tailored for businesses in:

England
Scotland
Wales 

We continue to update these guides, so please visit our 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.

Government support measures 
A wide range of measures have been set out to support businesses through Covid-19. Find out more on the UK Government website

Businesses in Scotland and Wales can find a wide range of information and guidance at FindBusinessSupport.gov.scot and the Business Wales website

The Coronavirus Job Retention Scheme, under which the UK Government paid part of the salaries of employees who had been furloughed, closed on 30 September 2021. Claims for the fifth and final grant under the Self-employment Income Support Scheme must also have been submitted by the same date.

You can read about the remaining relief schemes below – more information is available in our guides for businesses in England, Scotland and Wales.

Recovery Loan Scheme 
The Recovery Loan Scheme (RLS) is available to support businesses affected by Covid-19 as they recover and grow following the pandemic. This scheme will run until 31 December 2021, subject to review.

RLS supports a maximum facility size of up to £10m, with minimum facility sizes starting at £1,000 for invoice and asset finance and £25,001 for term loans and overdrafts. Find more information about RLS on the British Business Bank website.

Business rates
Eligible retail, hospitality and leisure businesses in England may receive 66% off their business rates bill from 1 July 2021 to 31 March 2022, up to a total value of £2 million.

In Wales, 100% non-domestic rates relief for 2021-22 is available for retail, hospitality and leisure businesses with a rateable value of £500,000 or below. Non-domestic rates relief is also available to eligible businesses in Scotland until at least 31 March 2022.

VAT
Businesses in the tourism and hospitality sectors were eligible for a reduced VAT rate of 5% until 30 September 2021. From 1 October 2021 to 31 March 2022, a rate of 12.5% will apply.

Advice 
LendingCrowd cannot provide legal or financial advice. If you need advice from a Chartered Account, you can find one via the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland

The Federation of Small Businesses is also a valuable source of information. 

Contact LendingCrowd 
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.

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