Mar 28
Help with any identified cash flow shortages
Do you as owners have private funds? If so, is it appropriate to introduce these to the business as some or part of the way forward?
Banks
– your bank should be able to provide advice as to what options each provider is making available to customers. It is widely expected that capital repayment holidays will be available to most businesses.
- There are two schemes involving the Bank of England –
- The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
- Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility and for which there is a market notice explaining some of the detail of how the facility will work: https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020. Application forms and pricing will be added to the Bank of England’s website on Monday 23 March 2020
- The Development Bank of Wales are offering a three-month capital repayment holiday to their customers to help manage cash flow as the Coronavirus continues to develop. https://developmentbank.wales/coronavirus-support-welsh-businesses
Support from Government
– The Government say ‘There will be £330bn of guarantees – that means any business who needs access to cash to pay their rent, salaries, suppliers, or purchase stock, will be able to access a Government-backed loan, on attractive terms. Finance Minister Rebecca Evans and the Minister for Economy, Ken Skates have announced a new £1.4bn business support package to help businesses across Wales.


