Many of you are asking us if your business is eligible for UK Government aid during the coronavirus outbreak. And how and when can you get the money.
The Coronavirus Business Interruption Loan Scheme is set to go live tomorrow at noon. Under the Scheme, you can borrow up to £5m as a loan or other facilities (depending on the lender) with the first 12 month interest-free. Over 40 accredited providers will be offering facilities under the Scheme. There’s a good chance that your current bank does too.
Banks are likely to be overwhelmed with applications, so it’s best to prepare in advance all the documentation needed to apply.
In addition to the above, your bank might also ask for the following:
In order to make the application process the quickest possible, you should check what kind of facilities your bank offers and how much will you need to borrow through it.
Of course, in order to plan repayment, you’ll need to work out how long the facility will support your business for and what are you going to spend the funding on.
XChange is committed to keeping our agency partners safe and fully informed about any Government funding and potential bank loans. If you have any questions please get in touch with firstname.lastname@example.org
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