The Covid-19 pandemic is creating new challenges throughout the 5.6 million small businesses in the UK and having to adapt to new, undiscovered ways of keeping your business afloat has become a struggle for many. Small businesses operate on narrow margins and if these margins are to be interrupted, it can cause significant harm to the future of the company.
Many small businesses have seen their applications for loans turned down by banks, but there is support out there to help businesses get back on track. It’s vital these loans are processed quickly, and readily available to avoid small businesses wasting valuable time and cash when they can least afford it.
Mercia takes pride in supporting and growing small businesses as well as understanding that today’s economic climate has seen many small businesses struggle with their cash flow. Working together with the British Business Bank we can provide regional small businesses with a SME Loan to help businesses reach their full potential.
And remember, if we can’t support you there is always the alternative of grants to assist in the short term – and in the current economic climate the Small Business Grant Fund is certainly worth reviewing. 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)