With government advice and support changing rapidly as the Covid-19 pandemic evolves, it’s hard to keep up with the latest news in business support. From closures, furloughed staff, huge drops in productivity and remote working, your business is most definitely not the only one facing uncertain times, as every sector faces immense pressure in knowing what to do next.
Here at Hethel Innovation, we’re still offering our support to businesses the best we can and understand our role is more important than ever. So we’ve put together this live blog to feature all of the funding newly available for small businesses and start-ups during Covid-19, updating any changes as they happen. Whether you’re unsure if your business is eligible for any funding or need more information on how to apply, these direct links will take you straight to where you can find out more and get started.
Our entire team are always on hand to offer free support with funding bids, such as proof-reading, critiquing or any other queries. Get in touch with us regarding your Coronavirus concerns and any other questions by giving us a call or sending over an email.
Homelessness Response Fund
This funding is exclusively for charitable organisations who work to keep the homeless supported during Covid-19. The available grant is between £10,000 – £100,000, to which the organisation must be incorporated and have an annual turnover of less than £5 million. Applications for this funding have been open for just over a week, to which the closing date is Wednesday 27th May 2020.
Future Fund- For Innovative Businesses
In the works for UK businesses driving innovation and development, the new billion-pound support package named Future Fund, could be a saviour for keeping afloat in order to come out the other side of current lock-down. With the government announcing more ways that businesses can access this funding in the coming weeks, so far we know it can help SMEs focusing on research and development, as long as the business is an unlisted UK registered company that has previously raised a certain amount in equity investment from third party investors. Look out for the launch of this funding sometime in May.
Bounce Back Loan
Helping SMEs bounce back, this loan scheme launched at the beginning of May, offering between £2,000 – £50,000. The length of the loan can extend up to 6 years, with the government guaranteeing 100% of the agreed loan amount, with no fees or interest to pay for the first 12 months, but with interest rates rising to 2.5% after that. With 11 lenders participating in this scheme, look to approach the most suitable lender for your business. If the first choice declines your bid, there is always the option to apply with another one. If your business needs more support with this, get in touch and we can lend a hand.
Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF)
The government also announced that there would be support in England for small businesses and those in the retail, hospitality and leisure sectors, in the form of two schemes. Businesses could be eligible for a payment of £10,000 or for £10,000- £21,000 for RHLGF businesses per property. Both schemes are being delivered by local authorities, meaning if your business is eligible for either scheme, your local authority should be in touch to arrange the grant payment.
Business Interruption Loan Scheme
Here’s a different type of scheme for smaller businesses to access loans and other kinds of finance of up to £5 million. The government promises 80% of the finance to the lender and will pay the interest and any fees for the first 12 months. There are over 50 lenders supporting this scheme, however businesses will need to show that they have been greatly impacted by Covid-19 and that the business would be viable were it not for this.
Self-Employment Income Support Scheme
This grant brings support to the hardy self-employed. An income support scheme, this is a taxable grant for 80% of average monthly trading profits. The grant is paid out in a single installment currently covering 3 months, capped at £7,500 overall. Keep an eye on any changes that may be made, via this link.
Front-line Charities Funding
This funding is targeted at front-line charities delivering vital work throughout Coronavirus, to which the government promises a £750 million pot. £370 million of this pot is allocated for small and medium sized charities making an impact during lock-down by delivering food, essential medicines, providing financial support, to name some. It is thought this funding will be delivered via means such as the National lottery Community Fund grant and government departments. The Government has not yet provided information on how charities can apply for this funding or if charities will be directly contacted.
For all available government support and advice during Coronavirus, visit the main government guidance page here