Guidance/Updates for Business

Business Lincolnshire Event Search

Find business events in Lincolnshire – https://www.businesslincolnshire.com/events 

 

Bounce Back Loan

The Government has published details of the Bounce Back Loan scheme to help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply:

  • The following businesses are not eligible to apply:
  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools
  • If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

Full details can be found at https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

Funding to support Community Business affected by the coronavirus (England)

In response to the coronavirus pandemic, Power to Change have launched a £12 million crisis support package to provide immediate and medium-term support for community businesses supporting the vulnerable and isolated in England. The emergency package includes £7 million in rescue funding, which offers grants of up to £25,000 to contribute to trading incomes losses incurred between April and June 2020. This will initially be available to current and previous Power to Change grantees, and to community businesses which are members of Co-operatives UK, Locality and Plunket Foundation. £5 million in recovery funding will be made available later in the year to help rebuilding and recovery. The support package will be open for applications from the 11th May 2020. https://www.powertochange.org.uk/get-support/covid-19/

Mental Health Support

Valuable resources to support your mental health during this difficult time.

https://www.businesslincolnshire.com/mental-health-support/ 

Speak to a Local Business Advisor

To arrange to speak to a local business adviser call the local Covid-19 helpline 01522 782189 or email businesslincolnshire@lincolnshire.gov.uk  or visit the website https://www.businesslincolnshire.com/

HM Support Website Link

A full range of business support measures have been made available to UK businesses and employees – here is the link for more information – https://www.gov.uk/coronavirus/business-support