The Coronavirus Business Interruption Loan Scheme is being offered by all of the high street banks!
If your business needs help during this time, you can apply for one of these loans and get it interest free for 12 months!
However, some of these banks are going a step further to help out businesses! We’ll explain who is offering what below.
Barclays
Barclays have a dedicated helpline for all of their business banking customers that have been impacted by the coronavirus outbreak.
Their lines are open Monday to Friday from 8am to 8pm.
There is also free business banking and no fees or interest on overdrafts until June 12th 2020, for those who have an annual turnover of up to £250,000.
Clydesdale Bank and Yorkshire Bank
If your business wasn’t previously identified as being in financial difficulty (or approaching financial difficulty) then relationship managers at these banks can approve a 3-month capital repayment holiday.
They can also extend overdraft and loan facilities by up to 6 months without charge on your account.
Payment holidays for business mortgages, credit cards and loans are also available on request, as well as a free £500 overdraft buffer upon application.
HSBC
HSBC also has a Coronavirus customer support line that is open Monday to Friday from 8am to 6pm.
They are allocating £5bn to help businesses that need support at this time, as well as lending £3bn to importers and exporters that need additional support.
Pre-approved 60-day extension will also apply on trade loans for customers who have a sound trade loan/financing record.
Lloyds
Lloyds have a £2bn package of arrangement fee-free finance available, as well as lower pricing for customers borrowing up to £25,000.
They have also wiped their arrangement fees for new overdrafts, invoice finance facilities, and overdraft limit increases.
NatWest/RBS
Natwest and The Royal Bank Of Scotland have added an extra £5bn to the £8bn growth fund to meet the needs of SMEs.
They are also offering emergency loans with no fees, and loan repayment holidays.
TSB
TSB are offering repayment holidays for new loans that are taken out amid the crisis.
They are also waiving arrangement fees on overdrafts, terms loans and any credit limit increase or renewal.