Don’t invest unless you’re prepared to lose all the money you invest. NextFin promotes high - risk investments and you are unlikely to be protected if something goes wrong.
Take 2 minutes to learn more.
Author: Sacha Bright & Oliver Murphy
Small- and medium-sized businesses have received £6.1 of the £12bn worth of emergency grants made available by the government to enable them to tackle the economic shock of the coronavirus.
So far, over 490,000 separate grants have been issued by the government. Grants of £10,000 are available to small businesses with a rateable value of between £12,000 and £15,000. Those with a rateable value of up to £51,000 are eligible to receive either £10,000 or the £25,000 grant.
Pubs, bars and hotels are among the businesses that have warned they could collapse in weeks as trade dries up and cash runs out as a direct result of the virus and the social distancing measures implemented by the government.
The schemes, first announced in Chancellor Rishi Sunak’s budget last month, sees the government give funds to local authorities who then distribute it to eligible businesses in their boroughs.
According to the government: “This grant scheme will offer a lifeline to businesses who are struggling to survive due to the coronavirus shutdown. Local Authorities should make payments as quickly as possible to support struggling businesses.”
The news comes as He has faced criticism that too few loans have been made to small firms as part of a £330 billion programme of state-backed credit.
Sunak said on Monday that banks had approved 12,000 loans under the Coronavirus Business Interruption Loan Scheme (CBILS), up from just over 6,000 as of April 14th.
In total, this amounts to an estimated £20bn of direct financial support that does not have to be paid back.
Securing funding for your small business can be challenging – and knowing where to begin can be tricky. For more details about what coronavirus-related grants are currently available for your business and how to apply, visit our dedicated article.
Disclaimer
To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.
Alternative Finance: The Four Types Of Crowdfunding
What is Business Interruption Insurance?
The pros and cons to alternative investment in to private companies via debt or equity
Need Recognition? Here Is A List of Competitions And Awards
What Is The Term Funding Scheme, And Why Is It So Important To Extend It To P2P Lenders?
Alternative Finance: The Four Types Of Crowdfunding
The pros and cons to alternative investment in to private companies via debt or equity
What is Business Interruption Insurance?
Should I Invest in P2P?
Self-Employed to Benefit From Second Stage of Support Scheme
How To Start A Business Post-Covid-19
Business Banking Resolution Service To Open In November
Over 1.2m Businesses Have Benefited From Coronavirus Lending Schemes
What is The Start Up Loan Scheme?
Figures Show 730,000 Job Losses Since Start of Lockdown
As seen in: