Updated 20.04.20 at 9:00am
Businesses and the people who make them are really up against it right now. There’s no doubt that it’s a challenging time.
Whether you’re an SME, larger business or an organisation within the creative or arts arenas, new, much-needed support is being brought to the table daily.
To make it easier to navigate the support landscape, we will be providing updates on the information and resources available that can support your business. Keep checking back to stay up to date.
Support for small businesses
Coronavirus Business Interruption Loan Scheme (CBILS)
- This scheme will help any viable businesses with a turnover of up to £45m to access government-backed finance of up to £5m, with the government covering up to 80% of any losses with no fees.Businesses can access the first six months of that finance interest-free, as the government will cover the first six months of interest payments. The scheme is available through more than 40 accredited lenders, which are listed on the British Business Bank website.
Venture accelerator (our scheme)
- At Agent we are part of European Regional Development Fund, which offers free support to small businesses in the Liverpool City Region. We can offer a variety of different options to support your business through the funding. If you’d like to find out more information, please email firstname.lastname@example.org.
- The ‘Future Fund’ loan scheme is aimed at high-growth early stage companies and set to run from May to September. The government will commit an initial £250m with the private sector set to contribute the other £250m.
- Companies can apply for loans of £125,000 to £5m. To qualify, they must have raised £250,000 privately in the last five years. Any contributed government money must be matched by private investors.
- If the money is not repaid, the loans will automatically convert to equity in a start-up’s next funding round.
- You can find out more information, here: https://www.gov.uk/guidance/future-fund
£750m R&D Fund
- The R&D fund will be a £750m pot for SMEs focusing on research and development and will be issued as loans and grants by innovation agency Innovate UK.
- The first payments are expected to be made in mid-May.
- You can find out more information, here: https://www.gov.uk/government/organisations/innovate-uk
Support for larger businesses
Covid Corporate Financing Facility (CCFF)
- This scheme is a cost-effective way to raise working capital for companies experiencing severe disruption to their cashflow. It is open to firms that can demonstrate they were in sound financial health prior to the coronavirus pandemic.https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility
General advice and guidance
Liverpool City Council
- Liverpool City Council is offering a wide range of advice and various schemes including the Retail and Hospitality grant scheme where up to £25k is available. You can find out more information here: https://liverpool.gov.uk/covidbusiness
- MSB can offer advice on a wide range of issues, including guidance for employers and businesses, as well as individuals who are concerned about their employment rights. You can find out more, here: https://www.msbsolicitors.co.uk
National Cyber Security Centre
- The team at the National Cyber Security Centre is offering free advice on how you can prepare your organisation and staff for working remotely, as well as advice for spotting COVID-19 scam emails. Read more, here: https://www.ncsc.gov.uk/guidance/home-working
High Performance Consultancy
- High Performance Consultancy is offering a lot of free advice and guidance on HR-related issues regarding COVID-19. Read more, here: http://www.highperformanceconsultancy.com/2020/03/13/covid-19-your-questions-answered/
Arts Council Funding
- The Arts Council is making £160m of emergency funding available for those organisations and individuals who will need it during this crisis, It has also changed the funding requirements for individuals and organisations currently in receipt of its funding. You can find out more information, here: https://www.artscouncil.org.uk/covid19
- Growth Platform is offering businesses a whole range of resources and advice to help during this difficult time. You can find out more information, here: https://growthplatform.org/business-covid-19-advice/business-support/
- Liverpool-based growth consultancy, Form, has produced a series of videos on ’Navigating Uncertainty’, to help digital, creative, and tech companies survive, stabilise, and sustain during this global crisis. You can watch the videos here: https://www.youtube.com/watch?v=zV9zNln7nUg&list=PLDOuRCR-9h_-U2sSnEhvrtgSjSfAQkCoa