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Coronavirus Business Interruption Loan Scheme (CBILS)

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Bounce Back Loan Scheme (BBLS)

Business Restrictions Support Fund (Aberdeenshire businesses)

Business Hardship Fund

Business Support Fund

Pivotal Enterprise Resilience Fund

Trade Credit Insurance guarantee

Self Isolation Support Fund

Other Funding (sector-specific)

Flexibility to pay back loans

The Chancellor announced on September 24 that the burden will be lifted on more than a million businesses who took out a Bounce Back Loan through a new Pay as You Grow flexible repayment system. This will provide flexibility for firms repaying a Bounce Back Loan.

This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses. These measures will further protect jobs by helping businesses recover from the pandemic.

The intention is also to give Coronavirus Business Interruption Loan Scheme lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.

In addition, the Chancellor also announced he would be extending applications for the government’s coronavirus loan schemes that are helping over a million businesses until the end of November. As a result, more businesses will now be able to benefit from the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund. This change aligns all the end dates of these schemes, ensuring that there is further support in place for those firms who need it.

More information will be made available shortly.

Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses, with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5m for up to six years.

British Business Bank operates CBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance. You can access the full list of accredited lenders here.

The scheme is now open for applications, a step to step guide explaining the process is provided here.

More information can be found here

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is open to all firms with a turnover of more than £45m will now be able to apply for up to £25m of finance, and up to £200m for firms with a turnover of more than £250m.

The government will provide lenders with an 80% guarantee on individual loans for businesses that would be otherwise unable to access the finance they need.

British Business Bank operates CLBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance.

The scheme is now open for applications, a step to step guide explaining the process is provided here.

More information can be found here

Bounce Back Loan Scheme

The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the CV19 outbreak and that can benefit from £50,000 or less in finance.

The scheme is now open for applications, a step to step guide explaining the process is provided here.

More information can be found here

Business Restrictions Support Fund (Aberdeenshire businesses)

Business Support Fund is provided by the Scottish Government and administered by Aberdeenshire Council.

The fund will support some businesses that remain open but are directly impacted by the restrictions, including those in the direct supply chains of firms that must close. This includes:

  • Hospitality businesses and gyms unable to operate group classes who are required by the regulations to operate in a restricted way
  • Producers/wholesale business supplying primarily perishable supplies to hospitality businesses required by the regulations to close or operate in a restricted way, and who are able to evidence a 25% reduction in turnover during the brake period

This fund is not open to all hospitality businesses. It supports businesses very directly impacted by the restrictions implemented on 9th October 2020.

For clarity, retail and businesses that provide takeaway food as the core and established basis of their operations are not eligible for these closure or hardship funds.

The fund provides one-off grants. Premises with a Rateable Value of under £51,000 will receive a grant of £1,000. Premises with a Rateable Value of over £51,000 will receive a grant of £1,500. Applicants must provide evidence of loss of business income due to local COVID-19 restrictions.

To apply, please email supportfund@aberdeenshire.gov.uk with your business name and address to request an application form.

More information can be found here.

Business Hardship Fund

Following discussion with the Scottish Government, the Local Restrictions Business Support Fund grant levels have been increased to £2,000 - £3,000 (based on Rateable Value), the same as the new Business Closure Fund applicable to the 5 affected health board areas under the October 9th regulations. If you have previously been awarded under the general criteria you will receive a second payment to bring your grant up to the new level. There is no need to reapply or contact the Council regarding this.

Business Support Fund provided by the Scottish Government and administered by Aberdeen City Council. The fund will provide £1million to support one-off grants to Aberdeen city businesses directly impacted by the local restrictions implemented on 5 August 2020.

The general fund is restricted to hospitality businesses specified in the local lockdown regulations. It operates as a two-tiered scheme, with a smaller grant of £2,000 for businesses with a Rateable Value (RV) of under £51,000 and a larger grant of £3,000 for those businesses with a RV over £51,000.

At the same time, the Council is inviting applications for the Discretionary Scheme for business premises that have seen a downturn in trade specifically due to restrictions impacting footfall and customer ability to travel to attend appointments or bookings. This is also a two-tiered scheme, with a smaller grant of £1,000 for businesses with a Rateable Value (RV) of under £51,000 and a larger grant of £1,500 for those businesses with a RV over £51,000.

The discretionary scheme is open to any Aberdeen city business which was open through the local lockdown that can demonstrate loss of business as direct result of the restrictions being in place.

More information can be found here.

Trade Credit Insurance guarantee

The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance.

Trade credit insurance coverage is to be maintained across the market in light of CV19, with up to £10 billion government backing.

The scheme is available on a temporary basis for nine months, backdated to April 1, 2020, and available insurers operating in the UK market

More information can be found here.

Self-Isolation Support Grant

Applications for the Self-Isolation Support Grant have opened for low income workers who are asked to self-isolate and would lose income if they needed to isolate.

The £500 grant will help those who have been asked by Test and Protect to isolate, following testing positive for coronavirus (CV19) or having been in close contact with someone who has tested positive.

These payments are designed to help people self-isolate for the required period to stop the spread of the virus, but who would face financial hardship due to being asked to self-isolate and will be targeted at those in receipt of Universal Credit or legacy benefits who are employed or self-employed.

More information can be found here.

Other Funding (sector-specific)

Organisations and Venues Recovery Fund

Following the announcement by Scotland’s First Minister, Nicola Sturgeon, on Friday August 28, of £59m emergency funding for culture and heritage to address the ongoing impact of the CV19 pandemic, including £31.5m for culture, Creative Scotland have now published guidance for one aspect of this support – the Culture Organisations and Venues Recovery Fund.

The Online Application Portal will go live on Thursday, September 17.

You can find more information here.

Support for Seafood Sector

The seafood fishing sector can apply for financial support to assist businesses during the CV19 outbreak.

More information can be found here.

Sea Fisheries Intervention Fund

The Sea Fisheries Intervention Fund was set up to provide emergency hardship support for fishing vessels 12m and under in length.

More information can be found here.

Term Funding Scheme

Banks and Building Societies can participate in the Bank of England’s Term Funding Scheme announced on March 11 with additional incentives for SMEs. Companies can ask their funders about the implications for business lending.

More information can be found here.

Creative Community

Creative Scotland have pulled together an A-Z of funding and resources available to those in the creative community, who have been affected by CV19.

More information can be found here.

Future Fund

UK businesses driving innovation and development will be helped through the CV19 outbreak with a £1.25bn government support package.

The scheme is initially open for applications from May 20 until the end of September 2020.

More information can be found here.

Business Resilience and Sustainability Scheme

The Business Resilience and Sustainability Scheme (BRASS) has been introduced to react to and support our most innovative and capable businesses and social enterprises. The scheme is designed to complement work undertaken by our partners such as Business Gateway, Scottish Enterprise and Opportunity North East (ONE) to boost the local economy and maximise the benefit to the business. BRASS replaces the previous Support for Aberdeenshire Business (SAB) scheme.

BRASS aims to:

  • Enable viable businesses to invest in diversification proposals for new products and markets
  • Support businesses to respond to public expectations around climate change and net zero
  • Build digital resilience and ensure that businesses have the platform and skills to do so
  • Enable businesses to secure accreditations that will improve their market position and access to new markets
  • Support digital and net zero audits to help businesses access other funds and plan investments

More information can be found here.

Further funding for tourism

Two new funding packages worth £15m will support the tourism sector as it continues to feel the impacts of the CV19 pandemic.

Find more information here.

Response, Recovery & Resilience Fund

In partnership with the National Emergencies Trust, Foundation Scotland are providing a second round of funding to support charities and constituted community groups that have been impacted by the CV19 pandemic. More information available here.

Events industry support fund

The Events Industry Support Fund provides financial help for businesses in the events industry who have been ineligible for the various funding packages announced by the Scottish Government following the outbreak of CV19.

You can find out more information here.

To apply online, click here.

Hotel Support Programme

The core purpose of the Hotel Support Programme is to protect sustainable employment in the medium term within larger hotels in Scotland. It is highly targeted and can be used alongside other CV19 support schemes.

More information available here.

Local restrictions business support fund

The fund will provide £1m to support one-off grants to Aberdeen city hospitality businesses directly impacted by the local restrictions implemented on August 5, 2020. This funding is restricted to businesses specified in the local lockdown regulations. It will operate as a two-tiered scheme, with a smaller grant of £1,000 for businesses with a Rateable Value (RV) of under £51,000 and a larger grant of £1,500 for those businesses with a RV over £51,000.

You can find more information here.

National Transition Training Fund

If you are currently under threat of redundancy or have been made redundant at any time from the March 1, 2020 and are over the age of 25, you can access an industry recognised qualification to gain employment.

More information can be found here.

Hardship fund for creative freelancers

To support creative freelancers working in Scotland who are experiencing immediate financial hardship due to the loss of income as a result of the COVID-19 pandemic.

The funds offer a one-off monetary contribution to those who are most deeply impacted and disadvantaged by the cancellation of work as a result of the emergency situation.

More information can be found here.

Business Contingency Fund for nightclubs and soft play

Nightclubs and soft play centres that have been closed by law since March are to benefit from targeted funding.

One-off grants of up to £50,000 will be available to businesses in both sectors through the COVID-19 Contingency Fund. Grants will be based on rateable value.

Businesses operating multiple premises will be eligible to claim one full grant plus grants of up to 75% on subsequent properties.

More information can be found here.