Covid-19: Funding support for businesses
There is a wide range of financial support for farming and rural businesses available to help ride the Covid-19 storm. But where do you find comprehensive information? The answer is here.
Our finance and funding experts at Anglia Rural Consultants have pulled together the most useful information on:
- Sources of payment holidays
With a special call-out to the hospitality sector – the Small Business Grant below is undersubscribed so do take a close look at the opportunities for your business.
Take a look through the information below and click on the headings for web links.
We’d be happy to help you with further information and advice during this challenging time, so do contact ARC member and financial specialist David Hughes. Email: firstname.lastname@example.org. Phone: 07505 742730.
Small Business Grant Fund/retail, hospitality, leisure and nursery grants
Eligible businesses in England in receipt of the Expanded Retail Discount (which covers retail, hospitality and leisure) with a rateable value of less than £51,000 will be eligible for cash grants of £10,000 or £25,000 per property.
Covid-19 job retention scheme
Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus.
Reimbursement of Sick Pay
Featured as part of the Covid-19 job retention scheme above.
Resource Action Fund
Funding for not-for-profit organisations distributing surplus food for food distributors providing
emergency food for those in need. Please seek advice from ARC about accessing this Fund.
New Anglia Growing Business Fund
Grants of up to £500,000 usually up to 20% of the cost of a project.
Government and private sector investment fund for high growth firms driving innovation
New Anglia Business Resilience and Recovery Scheme
Grants to support short-term business resilience projects and longer-term recovery and diversification projects.
Retail, hospitality, leisure and nursery Grants
Retail, hospitality, leisure and nursery businesses with property with a rateable value between £15,000 and £51,000. You need not apply. You will be contacted by your local authority.
DEFRA Fisheries Response Fund
Including contribution towards the fixed business costs of over 1000 catching and aquaculture businesses and a grant scheme to help the sale of fish locally.
Top up to Local Business Grant Scheme
A grant for small businesses, discretionary to local authorities, which may prioritise businesses that would meet the criteria for Small Business Rates Relief.
Covid Business Interruption Loan Scheme
Loans of up to £5 million provided by 40 lenders with Government Guarantees.
Bounce Back Loans
A scheme to enable smaller businesses to access finance more quickly during the Covid-19 outbreak
Business Rates Relief
Local authority will provide a holiday for hospitality, retail, leisure and nursery businesses.
Loan payment holidays
Bank and Asset Finance lenders will provide payment holidays for 3 months. Contact your lender.
This is automatic, so don’t cancel your direct debit.
Not a scheme but HMRC is likely to look favourably on requests for deferring the payment of tax.