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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.

Further information:

Refer to the links above