With 5.6 million small businesses in the UK, the Coronavirus pandemic has put many SMEs in serious cash flow trouble, meaning these small businesses had to go in search of quick, readily available finance to keep them afloat.
The banks have turned down a majority of applications made by these small businesses, but there is support available to support businesses get back on track.
Small businesses need their loan applications processed quickly, to avoid wasting valuable time and cash when they can least afford it.
Mercia believes in supporting the growth of small businesses as well as supporting SMEs through the tough times. Our SME Loans provides loans between £150,000 and £1 million to established and growing SMEs in all sectors and across all areas of the UK, particularly in the North of England.
If we can’t support you there is always the alternative of grants to assist in the short term. The Small Business Grant Fund is one to consider and this supports small and rural businesses with their costs during coronavirus.
This is aimed at small businesses that pay little or no rates and are entitled to a one-off cash grant of £10,000 from their local council.
You qualify for this grant if your business:
• Is based in England
• Occupies property
• And was eligible for small business rate relief (including tapered relief) or rural rate relief on 11 March 2020. (Gov.uk)