A number of support packages have been announced by the government to help local businesses survive the negative impacts of the Coronavirus public health crisis. With over £300bn worth of support and regular announcements, it is easy for busy entrepreneurs and business owners to keep up.

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Click here for an overview of the different support packages. Please note that some of these are administered through your local authority. Follow links below to Local Authority help pages for local businesses:

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Bedford Borough Council

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Central Bedfordshire Council

 

Luton Borough Council

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Below are links to the Business Support Schemes directly aimed at financially supporting businesses of all sizes.

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Bounce Back Loan Scheme (BBLS)

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• Launched on Monday 4 May 2020 for application. 

• The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

• The government will guarantee 100% of the loan.

• There won’t be any fees or interest to pay for the first 12 months.

• Loan terms will be up to 6 years. No repayments will be due during the first 12 months.

• Interest Rate after the 12 months has been capped at 2.5% by the government.

 

CLICK HERE FOR MORE DETAILS

 

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Coronavirus Business Interruption Loan Scheme (CBILS)

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• For smaller businesses with a turnover of less than £45m

• Looking for up to £5m in finance

• Business loans, overdrafts, invoice finance & asset finance available

• First 12 months of interest and lender-levied fees covered

• More than 40 accredited lenders

 

CLICK HERE FOR MORE DETAILS

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Coronavirus Large Business Interruption Loan Scheme (CLBILS)

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• For larger businesses with a turnover of more than £45m

• Looking for up to £50m in finance (depending on turnover)

• Business loans, overdrafts, invoice finance & asset finance available

• Repayment terms of up to three years

• At least 10 accredited lenders

 

CLICK HERE FOR MORE DETAILS

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Future Fund to Support Innovative UK Businesses

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• Intention of launching for applications in May 2020

• Initial commitment of £250m of new government funding

• Unlocked by private investment on a match-funded basis

• For businesses that typically rely on equity investment

• Government scheme developed in partnership with the British Business Bank

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CLICK HERE FOR MORE DETAILS