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
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.
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.
HSBC has announced a package of support for businesses that may be impacted by COVID-19.
- 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
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.