Covid 19 Finance Options

During the Covid-19 pandemic businesses are facing uncertain times in the economy

It is critical that at this time businesses get access to the right help and advice that they need to see their business through this crisis.

Whilst the Government has put together packages of support for businesses and their employees many are finding that the packages are going to come too late to enable them to keep the businesses running throughout this period of uncertainty.

As commercial finance brokers, we know that alongside the government packages there is lots of different support for businesses when it comes to financing and we want to help you access it.

Broker Support

Never has it been more important to be able to speak to someone about your business and the support available. Our team provide commercial finance advice to hundreds of businesses every year and we are well placed to help those businesses and you navigate the turbulent finance market at this time.

We are closely monitoring the situation and the financial landscape as well as keeping in contact with lenders, the British Business Bank and the CBI to stay on top of lending criteria, products, rates and availability.

By working with us this leaves you, the business owner and your accountant, time to focus on your business  and all the other issues you are facing whilst we focus on getting you the cash your business needs.

CBILS – Coronavirus Business Interruption Loan Scheme

Coronavirus Business Interruption Loan Scheme: THIS IS NOT FREE MONEY, THIS IS NOT A GET OUT OF JAIL FREE CARD…This is for businesses that otherwise would have been able to make the loan repayments had not Covid-19 ‘interrupted’ productivity. It’s capped £5m with some lenders (Barclays) stating 25% of turnover in 2019 or Double the wage bill and rates will vary between providers. We can help you apply.

TAX, PAYE, FURLOUGHING

These are all terms that have never been more important to your business than now and some of you may still be confused. We are urging businesses to speak to their accountants in the first instance about all things Tax, PAYE and Furloughing related and if you need us to speak to them about your finances, put them in touch.

Small Business Grants

The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

For advice and help with commercial finance, get in touch with the team on 01274 965356 or send an email to info@abl-business.co.uk.

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