Finance your business

Find out where and how to access finance to help start or grow your business, including information related to Covid-19

COVID-19 finance for your business

 

Bounce Back Loan

The Bounce Back Loan (BBLS) enables smaller business to access finance more quickly during the Coronavirus outbreak. Businesses can apply for loans of between £2,000 and £50,000 and access the cash within days. The Government will pay the interest for the first 12 months and support lending by guaranteeing 100% of the loan. Find out more and apply.

Coronavirus Business Interruption Loan

The Coronavirus Business Interruption Loan Scheme (CBILS) is available to SMEs through more than 40 accredited lenders across the UK. The scheme, which offers loans of up to £5 million, is being delivered by the British Business Bank and will provide lenders with a guarantee of 80% on each loan. 

Large businesses with a turnover of more than £45 million per year can apply for loans and other kinds of finance up to £200 million from the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Self-Employment Income Support

The Self-Employment Income Support Scheme (SEISS) provides direct cash grants worth 80% of trading profits up to a maximum of £2,500 per month. If you’re eligible and want to claim this first grant you must make your claim on or before 13 July 2020.

On 29 May, the Government announced that SEISS will be extended. Those who are eligible will be able to claim a second and final grant in August, worth 70% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570.

Check your eligibility for the Self-Employment Income Support Scheme (SEISS).

 

The www.gov.uk website and the Business Support Helpline also offer advice about starting up a business and can direct business to more support. Businesses can call 0300 456 3565 to speak to a business support advisor (9.00am – 6.00pm Monday to Friday).