Worcestershire LEP Chair, Mark Stansfeld: 3 April

First published in the Worcester News on 03.04.20

During this very difficult time for local businesses it is important for organisations to know about the varied level of support on offer to help them.

Central Government has announced an unprecedented support package for organisations of any size and here in Worcestershire, our local growth hub, Worcestershire Business Central is working hard to make sure all local businesses get access to these funding pots.

On their website they have summarised all the funds on offer so that businesses can identify which support package is right for them and the team are then on hand to guide the business through the whole process. As part of this Worcestershire Business Central are also asking organisations affected by the COVID-19 pandemic to take part in a short survey to share their experiences.

One of the support packages on offer is the Coronavirus Business Interruption Loan Scheme (CBILS) which is being delivered by the British Business Bank, through accredited lenders and partners. The Scheme is open for applications and can provide facilities of up to £5m for smaller businesses across the UK that are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Speaking on the CBILS, Keith Morgan, Chief Executive of the British Business Bank said, ‘In this period of exceptional hardship for smaller businesses across the UK, it has been vitally important to get this new scheme up and running as soon as possible. Now available, we hope this new scheme will enable lenders to provide the finance smaller UK businesses need, alongside other government measures, to help them survive the current economic disruption.’

All the information on the CBILS and other schemes are available on the Worcestershire Business Central website and I would strongly encourage all businesses who have been impacted to visit the following webpage to see what is available.