There are lots of questions about how you can access funding right now. In summary, our advice is:
- Make the most of government support measures and HMRC deferments first
- Speak to your bank manager to help them understand your business and your plan so that if you need funding, they are more likely to give it to you. You can talk to them specifically about overdraft facilities, and a Coronavirus Business Interruption Loan Scheme application. Please be prepared for some very detailed information you’ll need to provide. It’s not a fast process.
We’ve looked at each of these recommendations in detail here. We can help you get together the information you need, so you’re in the best possible shape to make an application.
The government are frantically putting systems in place to deliver access to the loans and grants they announced. 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 – Swoop is a good option to apply for alternative finance – both CBILS loans and other options. You can use this link to create an account and start a quick search which will match you with suitable funding providers.
How can I get funding?