The government has put systems in place to deliver access to loans and grants. In reality, it may take weeks until the cash hits your bank account. If you need a cash injection within the next six weeks, our advice is to seek alternative funding as soon as possible.
You can still take advantage of the government-backed loans until 30th November 2020 and use these to pay off the other finance you have taken out. Some lenders are offering payment holidays, but you shouldn’t miss a payment without agreeing to it first, as this will affect your credit rating and could potentially result in default.
Experience shows that the sooner you seek funding, the greater the chance of success. If you struggled to get finance before this, you are unlikely to get funding now.
How can I get funding?