Just last week, the Chancellor announced a series of measures being put into place to help the UK cope with the global Coronavirus outbreak, with a business support package including the following financial initiatives:
- The Coronavirus Business Interruption Loan Scheme will offer loans, overdrafts, invoice finance and asset finance of up to £5 million for SMEs through the British Business Bank, for up to 6 years.
- The COVID-19 Corporate Financing Facility initiative, through which the Bank of England will buy short term debt from larger companies in order to finance their short-term liabilities and support corporate finance markets, easing the supply of credit to all firms.
Both of the schemes are now open, and are part of a much larger business support package to support organisations of all sizes and their workers, with initiatives including Statutory Sick Pay relief for SMEs, the Coronavirus Job Retention Scheme and various offers of grant funding.
In this vlog, Communications Manager Rob Panting discusses the recently-announced business support measures being put in place, as well as how OxLEP are directing Oxfordshire businesses to the relevant Government information, helping organisations to operate as safely as possible, whilst remaining productive.