COVID-19 Funding & Support
Small Businesses are often rightly described as the engine room of the economy. Dealing with issues affecting the trading dynamics of your business whilst also dealing with issues affecting employees, the various tax deferrals and possible financial support options can be extremely stressful.
Whilst some reliefs appear more straightforward than others, the Coronavirus Business Interruption Loan Scheme (CBILS) in particular, is not. Eligibility criteria is one thing, but accessing these loans and meeting your lender’s requirements demands a well thought out and methodical approach if your application is to be successful.
Of the £330 billion initially made available by the Chancellor, only a very small percentage of applications have been approved by the Banks and businesses continue to struggle to access the funds they desperately need. Seneca has recently been able to obtain funding approvals for our first applicants under this Scheme and we urge you to ensure that your case is properly presented and supported by high quality projections and management information. This is one of our specialisms and we can help you through this process with the aim of obtaining the funds you need in the shortest time.
For many businesses, an immediate drop in sales will result in serious cash flow pressure but in some cases problems which may be short-term might be better and more quickly resolved through alternative funding sources. The wider Seneca family of businesses comprises a number of alternative lending businesses and we may be able to help you directly.
We have put together a series of fact sheets containing broad information. If you are in any doubt or require assistance through this process then we would encourage you to get in touch with our Advisory Team.