At the end of November, central Government announced the update to the Coronavirus Business Interruption Loan Scheme (CBILS).
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
Worcestershire businesses are eligible if they are:
- Based in the UK
- Have an annual turnover of up to £45M
Those applying will also need to demonstrate that there business would have been viable if it wasn’t for the COVID-19 pandemic and therefore has been adversely impacted by the coronavirus.
The scheme is open until 31 January 2021.
Alongside this update, the Government also announced the Additional Restrictions Grant (ARG). This new grant has been launched with the aim to support businesses that are not covered by other grants or where additional funding is needed.
The Additional Restrictions Grant (ARG) provides local councils with grant funding to support closed businesses that do not directly pay business rates as well as businesses that do not have to close but which are impacted. Local councils are able to determine the eligibility criteria but it is expected they will follow the following:
- businesses which supply the retail, hospitality, and leisure sectors
- businesses in the events sector
- business required to close but which do not pay business rates
Worcestershire businesses interested in learning more about these funds and how to apply are encouraged to contact Worcestershire Business Central, the county’s Growth Hub. Worcestershire Business Central(WBC) are the one stop platform for business advice at any level, whether it be for grant advice, hiring new staff or relocating your business to give a few examples.
Gwen and Kul from the Worcestershire Business Central team spoke with Gary Woodman, Chief Executive of the Worcestershire LEP on the Making Connections Podcast. They provided numerous examples of the various ways that WBC are able to support and enable businesses.
You can listen to the podcast below.