Coronavirus Business Interruption Loan Scheme (CBILS): who’s eligible and what to prepare
The Coronavirus Business Interruption Loan Scheme (CBILS) was launched in March to help businesses mitigate the impact of the pandemic. Over the last few weeks, the scheme has become available to a wider range of businesses. Read on to find out more about the CBILS, including what to prepare for your application and what to do if you’re rejected.
14 Dec 2020
5 business continuity tips for SMEs navigating COVID-19
As the government begins to draft plans for getting employees back into work, individual businesses are working around the clock to bolster their own business continuity plans. If the health crisis has shown us anything, it’s that we can’t predict the future. But we can take proactive measures that will help us build resilience in the weeks and months to come.
14 Dec 2020
How can small businesses help the UK economy?
Small businesses are the lifeblood of the UK’s economy. You only have to peek at the figures to see why. There were 5.9 million SMEs (businesses with less than 250 employees) in the UK in 2019, accounting for more than 99% of all businesses. What’s more, SMEs make up three-fifths of the employment and around half of the turnover in the UK private sector, according to the Department for Business, Innovation & Skills.
15 Dec 2020
It’s called Open Banking, but don’t underestimate its security...
Rewind just a few short months ago and it would have been inconceivable that this mysterious coronavirus would impact the world so drastically. But here I am, working from my home office rather than at Funding Options’ London HQ. UK plc is experiencing an unprecedented time that will unquestionably go down in history. Companies, large and small, are navigating the choppiest of waters at present as a result of Covid-19.
15 Dec 2020
UK Government pledges £1.25bn to support startups driving innovation
On 20 April 2020, Chancellor Rishi Sunak announced a new £1.25 billion coronavirus scheme to support some of the UK’s most innovative firms. The package comprises a £500 million Future Fund for high growth startups that have been affected by the pandemic and £750 million of grants for SMEs focusing on research and development. The announcement of the Future Fund comes after some of the country’s biggest scale-up brands, including Deliveroo and Citymapper, appealed to the government in an open letter to provide access to funding support measures to companies like theirs and other startups.
14 Dec 2020
Chancellor outlines support for large businesses affected by COVID-19
- Coronavirus Large Business Interruption Loan Scheme will launch on Monday 20th April - Eligible businesses with turnover of more than £45m can apply for support - Businesses with turnover of over £250 million can borrow up to £50 million from lenders In addition to the Coronavirus Business Interruption Loan Scheme (CBILS) and the Covid Corporate Financing Facility, the government has outlined details of the Coronavirus Large Business Interruption Loans Scheme (CLBILS) – a measure designed to help more businesses access financial support.
14 Dec 2020
A letter to the Treasury
Dear Rishi Sunak MP, On behalf of the UK’s SMEs, entrepreneurs, and sole-traders, we want to thank you and your team for your tireless efforts to minimise the impact of COVID-19 on business. It’s a really tough time for business owners across the country, and the economic packages you’ve presented to date go a long way to mitigating their worries.
14 Dec 2020
Covid-19: Financial help for small businesses in the UK
It’s a challenging time for SMEs around the world as the economic impact of the Coronavirus pandemic starts to unfold. Global shares have taken a hit, interest rates have been cut and the OECD has downgraded its growth forecasts as factories close to help contain the virus. On Friday 20 March, Rishi Sunak, the Chancellor of the Exchequer, announced the first set of measures to help businesses impacted by COVID-19. The government has pledged support for businesses through the Coronavirus Business Interruption Loan Scheme and other temporary and targeted measures. These are designed to help companies manage cash flow during this difficult period through unlimited loans and guarantees. An initial £330 billion of guarantees will be made available, which is equivalent to 15% of UK GDP. Bear in mind some aspects of business support are devolved and differ in Scotland, Wales and Northern Ireland. Full information and relevant links can be found on the government's support for businesses page.
14 Dec 2020
Funding Options launches in the Netherlands with ING Bank partnership
Funding Options is today launching in the Netherlands, in partnership with ING, to help Dutch businesses find the right funding for them.
18 Oct 2021
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