Business loans, grants and rate relief

08/04/2021

There are a number of schemes available depending on your business and needs.

Business grants

Restart Grant and Local Restrictions Support Grants

Additonal Restrictions Support Grant (Stream 1)

Additonal Restrictions Support Grant (Stream 2)

Business loans

Coronavirus (COVID-19) Business Interruption Loan Scheme – businesses can apply for a loan of up to £5 million. The government will cover up to 80% of any losses with no fees. The government will cover the first 12 months of interest payments.

Small Business Bounce Back Loan Scheme – Businesses can borrow between £2,000 and £50,000 and access the cash within days. Loans are interest free for the first 12 months.

COVID-19 Corporate Financing Facility – the Bank of England can buy short-term debt from larger companies, if they meet the criteria.

Rate relief

A discount of 100% has been extended to all businesses in the Retail, Leisure and Hospitality sector, regardless of Rateable Value, for the year 2020/21.

You are eligible if your business is a:

  • shop
  • restaurant, café, bar or pub
  • cinema or live music venue
  • assembly or leisure property - for example, a sports club, a gym or a spa
  • hospitality property - for example, a hotel, a guest house or self-catering accommodation.

https://www.bcpcouncil.gov.uk/News/News-Features/COVID-19/Employers-and-businesses/Financial-support-for-businesses/Business-loans-grants-and-rate-relief.aspx

Further guidance on business rate relief can be found here.