This article was updated 3pm Friday 3rd April. Please check back regularly, or follow us on Twitter or LinkedIn to keep informed of all the changes. For all our information around COVID-19 visit www.frenchduncan.co.uk/covid-19.
Business Loans & Grants:
There are a number of loans and grants available to business, depending on your size, sector and needs. This page provides a summary of each of these. You will find the key details we know so far, and where possible a guide on how to apply or next steps you should take.
At French Duncan we're aware many businesses will face challenges ahead, but we're here to help and support, and you can contact us at any time.
Grants to help businesses - £10k - £25k:
Businesses can now apply for grants to help them deal with the impact of the coronavirus COVID-19) outbreak. The one-off grants are designed to help protect jobs, prevent business closures and promote economic recovery, and more than 90,000 ratepayers across Scotland will be able to benefit.
Small businesses in receipt of the small business bonus scheme or rural relief, as well as hospitality, leisure and retail business can benefit.
Two types of grant are now available to ratepayers:
Local authorities are administering the scheme on behalf of the Scottish Government, and are looking to make payments to successful applicants within 10 working days. Application forms can be found on your local council website, or can be provided by our team at French Duncan who are also available to discuss any queries you have on the application form.
Coronavirus Business Interruption Loan Scheme (“CBILS”) - For businesses with annual turnover of no more than £45m:
This scheme is now available through certain providers (likely to be the ones detailed by clicking here). Summary details available at present are:
Full eligibility criteria will be published in due course but to be eligible for support via CBILS, the business must:
Please note that a limited number of further eligibility restrictions will apply.
Almost all business sectors are eligible, however there are a small number of excluded/restricted sectors arising primarily from EU de minimis-State aid rules.
What you need to do to apply:
We advise that your first stop should be to speak to your incumbent bank who will likely facilitate the loan for you. However you will probably need both financial projections and a high level business plan in order to move forward, both of which we will be able to assist with - so speak to any of the colleagues listed below.
Our team work with the majority of the providers in Scotland on a regular basis and will be able to assist you through the application process.
Coronavirus Large Business Interruption Loan Scheme (CLBILS):
Will offer loans of up to £25m to firms with an annual turnover of between £45m and £500m, which come with a government guarantee of 80%. Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest, so unlike the scheme for small to medium sized businesses, they will not get a 12-month holiday on paying the interest and fees involved. Further details of the scheme will be announced later this month.
Coronavirus Job Retention Scheme ("CJRS"):
We have a separate blog article all about what we know, and don't yet know, about this. Please visit: www.frenchduncan.co.uk/blogs-news/covid-19-hr-staffing/.
At French Duncan we have a lot of experience in grant funding and loan agreements, so will be able to help you through our dedicated teams covering Corporate Advisory, Business Restructuring, Corporate Taxation & HR Services.
Whilst some of our staff are currently working from home, all of the above can be contacted on their email addresses or on 0141 221 2984.
Other COVID-19 Information:
For all our help, support and information around COVID-19 / Coronavirus visit www.frenchduncan.co.uk/covid-19, where you can link to articles deferring HMRC payments, tax and business rates, debt assistance & restructuring and much more.