There is still support out there for businesses facing the consequences of reduced trading due to the Pandemic.
There is still support out there for businesses facing the consequences of reduced trading due to the Pandemic. However, some of that support is not being claimed! This maybe due to confusion, not knowing where to look, or how to find out what your franchise is entitled to. Now is the time to take action to secure the future of your business. Never be afraid to ask for help from professional advisors who can steer you in the right direction.
The fact is that many businesses are still being significantly affected by COVID and will continue to be for the foreseeable future. According to the recent Business Impact of Coronavirus (COVID-19) Survey (BICS) “Of businesses still trading, the arts, entertainment and recreation industry had the highest proportion of the workforce remaining on furlough, at 47%, followed by accommodation and food services at 43%.
“Between 19 and 26 July 2020, footfall in high streets moderately increased to just under 60% of its level the same day a year ago, while retail parks and shopping centres held steady at just under 80% and 60% respectively.”
Although the market is starting to open-up, many have missed out on months of trading and will not be up to full capacity in the near future due to reduced footfall. The first step to survival is to ensure you have claimed everything you are entitled to.
Bounce back loan
This may include a Bounce Back loan. The Bounce Back Loan scheme is designed to help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Bounce Back loans are easy to apply for and basically free for a year. You can even put the loan into an account and leave it untouched for a year as a back-up then pay it back after that time if you don’t need it. The key point is to get it now before it’s gone – Bounce Back loans won’t be available forever.
Coronavirus business interruption loan scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) is also available for businesses requiring a larger financial injection of up to £5M. It is a loan with attractive terms and reduced payments for the first 12 months. d&t’s Franchise Funding department is a fully independent funding service, connecting franchisees to much needed finance and we are an introducer for CBILS loans. Our experienced staff can advise you on the best option for finance depending on individual circumstances.
There are various other schemes available and information on these can be found at our website: https://team-dt.com/knowledge/covid-19 The very latest support which has been announced includes the Self Employed Income Support Scheme and grants for companies in England to help them get back on track:
Self employed income support scheme
A brand-new grant was also introduced during lockdown for sole traders. The Self-Employed Income Support Scheme has it’s second application window opening on 17 August 2020 and can offer a 70% of average income one-off payment grant of up to £6,570. This is a second payment opportunity following the grant that opened in April.
New grants available
The Minister for Regional Growth and Local Government has also recently announced new Government funding of up £20 million for businesses in England to help them recover from the effects of the coronavirus pandemic. Small and medium sized enterprises will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial, or other advice to help them get back on track. This could include specialist professional advice such as HR, accountants, legal, financial, IT and digital or to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
We will provide further details on how to apply for these grants as soon as they are available on our website.
The Pandemic will have a lasting effect on our economy and the way we do business for a long time to come. To secure the future of your franchise we are encouraging people seek out expert advice and claim the support they are entitled to. Asking for help now, could be the best business decision you have ever made.