Business Grants and Loans
The Government have announced a range of grants and a new loan scheme to support businesses.
Coronavirus Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch next week to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments.
All of the banks including Natwest, Lloyds, Barclays, Metro Bank and Santander which are in Wood Green are accredited lenders of the scheme. For further details about the terms and application process including financial partners, please click here.
Business Bounce Bank Loan
The “Bounceback” loans will be available from Monday 4th May and once a short form is completed, the Loan should be paid out within 24 hours. Businesses can apply for a minimum of £2,000 and a maximum of one quarter of their last financial year’s turnover, with a cap of £50,000.
There is no size limit to a businesses for this loan so it means in our view it will be open to any company that meets the criteria which at present states they must of been trading before the 1st March 2020.
The Government is also covering all fee’s and interest over the first 12 months. At the present time, there is no information about how much the interest rate will be thereafter but the Treasury have said it will be very low. Please note that businesses who have already received a CBILS Loan will not be allowed to apply for this loan.
For further information about the Bounce Bank Loans and how to apply, please visit the British Business Bank Website here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/
Business Grants (From November 2o2o)
The Government has announced new grant packages to support businesses within Tier 2 and those who have had to close due to restrictions. These are managed by the Local authority and are available to rate payers only. Below is details of the closure Grant. We will update this section when we have further information about the Tier 2 grant.
The Local Restrictions Support Grant LRSG (Closed) Addendum supports businesses that have been required to close due to the national restrictions between 5 November and 2 December 2020.
Your business may be eligible if it:
- is based in Haringey
- occupies property on which it pays business rates (and is the ratepayer)
- has been required to close because of the national restrictions from 5 November to 2 December 2020
- has been unable to provide its usual in-person customer service from its premises
For example, this could include non-essential retail, leisure, personal care, sports facilities and hospitality businesses.
It could also include businesses that operate primarily as an in-person venue, but which have been forced to close those services and provide a takeaway-only service instead.
Eligible businesses can get one grant for each non-domestic property.
You cannot get funding if:
- you can continue to operate during the period of restrictions because you do not depend on providing direct in-person services from your premises (for example accountants)
- you have chosen to close, but have not been required to close as part of national restrictions
- you have exceeded the permitted state aid limit
How much is the grant and when will it be paid?
The amount you get depends on the rateable value of your premises. You will receive support on a rolling 28-day basis for as long as national restrictions apply, as shown below:
|Rateable value of premises||Grant payment 28-day restriction period|
|£15,000 or under||£1,334|
|£51,000 or over||£3,000|
You can find the rateable value of your premises on your latest business rates bill, or check the commercial premises register online.
Do state aid rules apply to you?
The Local Restrictions Support Grant counts towards state aid.
The rules are fully explained in the government state aid guidance (external link).
You must confirm that you are not in breach of these rules before we can pay you.
How to apply
If you meet the criteria for the Local Restrictions Support Grant (Closed) you can apply online. We will review your application and let you know if you are entitled to a payment.
London going into Tier 2 from next week
It has been announced that from Wednesday 2nd Dec
Local Restrictions Support Grant for Haringey Businesses
The Local Restrictions Support Grant LRSG (Closed
Haringey launches new COVID safe business Scheme
The government has announced new national restric