Fund title: Support from UK banks for business customers affected by coronavirus
Focus of fund/fund aims:
UK banks have announced measures to help their business customers to cope with the economic impact of coronavirus
Application deadline:
n/a
Fund description:
UK banks have put in place some additional support and information to help small businesses:
Lloyds Banking Group has introduced a £2 billion package of arrangement-fee free finance to help minimise disruption to businesses. The support package aims to help businesses manage cashflow in the face of supply-chain interruptions or employee absences.
The financial support available includes:
- no arrangement fees for new overdrafts or overdraft limit increases
- no arrangement fees for new or increased invoice finance facilities
- offering capital repayment holidays on loans for businesses that have been severely impacted.
https://www.lloydsbank.com/business/coronavirus.html
NatWest is offering support to affected businesses through a range of measures including:
- loan repayment holidays
- temporary emergency loans with no fees
- immediate access to deposit balances with no penalty
NatWest has also announced £5bn of Working Capital Support for businesses that will see disruption as a result of COVID-19.
The bank also provides information to answer questions that businesses may have about coronavirus and the financial and business support available.
https://www.business.natwest.com/business/support-centre/service-status/coronavirus.html
HSBC has announced a package of support for businesses that may be impacted by COVID-19.
This includes:
- allocating £5bn to help businesses that need support
considering repayment holidays to free up cash within businesses - reviewing overdrafts or trade loans to allow stock to be held for longer
- providing trade finance solutions to support customers with their supply chains
- £3bn lending to importers and exporters that need additional support
https://www.business.hsbc.uk/en-gb/gb/campaign/coronavirus
UK banks are also supporting their business customers through the new Coronavirus Business Interruption Loan Scheme which has been set up to support UK-based small and medium-sized enterprises.