BUSINESSES in Redditch can access government support from today (March 23) to keep operating in the face of the economic emergency brought on by coronavirus.
More than £330billion of loans and guarantees to help firms continue operating are available from two schemes.
The ‘Coronavirus Business Interruption Loan Scheme’, for small and medium sized businesses, is now live.
This scheme will help any business with a turnover of up to £45million to access government-backed finance of up to £5 million.
Interest payments and any lender-levied fees for businesses will be covered by the Government for an initial period of up to twelve months.
The Government will provide lenders with a guarantee of 80 per cent on each facility to give lenders further confidence in continuing to provide finance to small and medium-sized enterprises.
The scheme is available through more than 40 accredited lenders, all listed on the British Business Bank website.
And the Bank of England’s new lending facility for larger firms – the ‘Covid Corporate Financing Facility’ – will also be open from today.
Redditch MP Rachel Maclean said: “I’m doing everything I can to support businesses in Redditch through this unprecedented period – the likes of which no one has experienced before.
“The Government is doing whatever it takes to ensure businesses survive and from the many emails I’ve received from businesses in Redditch I know they welcome the support which has been announced.”