The Furlough Loan Scheme allows UK businesses to borrow the money they need to pay their staff whilst they wait for the Government’s staff furlough scheme funds. Under the scheme:
Borrow a lump sum of cash up to £50k
Make interest only payments for 3 months
Capital is paid back upon receipt of government funds.
Proof of furlough scheme application submission required.
Whilst the economic packages set out by the Government at the start of the Covid 19 pandemic had been widely acclaimed, there has been challenges for many businesses finding access to appropriate loans, with the speed of application processes putting businesses under huge strain.
We must assess these differently to the standard business loans we typically arrange, however you can submit an application to see if we’re able to arrange one with one of our partners.
Banks challenged over handling of Coronavirus Business Interruption Loan applications
Banks have come under scrutiny over their loan tactics in the wake of the Chancellor’s new budget. The COVID-19 pandemic has caused a lot of problems across the UK, and many businesses are finding themselves struggling as a consequence of the economic turmoil that has been caused. The need for a lockdown coupled with social distancing measures and the forced closure of some businesses led to Chancellor Rishi Sunak stepping in.
1 in 5 UK businesses could run out of cash
One of the biggest problems that the coronavirus has presented is that it has caused widespread economic turmoil. And this isn’t just restricted to one country; the whole world is struggling with a lack of business, not to mention the near shutdown of general society.
Of course, businesses that are having to close doors and stop trading have been hit the hardest, and they have been helped by the UK government. Chancellor of the Exchequer Rishi Sunak has been at the centre of this crisis, at least within the UK government, with the MP announcing unprecedented measures he had come up with to try to improve the economic situation and help out small businesses and workers across the nation.
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