So far, 2020 has been a tough year for most businesses, especially the public and private small businesses, which have been hit hard by the novel coronavirus. Most small businesses have faced closure while those still in operation are suffering a reduced income. Due to the latter, the affected companies cannot meet their financial obligations, which calls for external capital injections. However, it is sometimes hard for small businesses to get funding, mainly due to the lack of collaterals or limited operation time. As a small business owner, do not feel overwhelmed when it comes to funding your business. Below is a list of some of the sources of funding for small yrityslaina in 2020.
Funding Public and Private Small Business in 2020
As a small private or public business in the UK, you can find funding from any of the sources listed below.
Several forms of financial support are now available as a result of the coronavirus pandemic, which has hit the economy hard. The most common forms of financial aid here are loans and grants.
In an attempt to cater to small businesses’ needs during these challenging times, the Coronavirus Business Interruption Loan Scheme (CBILS) has been established. This scheme provides overdrafts, loans and other forms of financial support to the affected small businesses amounting up to £5 million. Additionally, another coronavirus support scheme, Bounce Back Loan Scheme (BBLS), offers private and public small businesses quick access to financial aid during the pandemic. With the BBLS scheme, companies can get funding ranging from £2,000 to £50,000.
Small businesses in the hospitality, leisure and retail industry can benefit from the Retail, Hospitality and Leisure Grant Fund. This Grant fund aims to help the affected small public and private businesses by providing them financial support of up to £25,000. To qualify for this fund, your business ought to have had a rateable value below £51,000 as of 11th March 2020.
Additionally, if your small business is not within the hospitality, retail and leisure bracket, you can still apply for funding through the Small Business Grant fund. This grant provides small businesses with a one-off fund payment of £10,000.
This website offers a single point of access to a wide array of government information and services. It also gives you a chance to find financial help through the Business Finance and Support Finder. This tool allows you to search for help as per your entity’s size, business stage, location, and sector. Through this tool, you can access loans, finances and grants, among other government-backed financial supports.
National Business Support Programmes
You can also try your luck under the National Business Support Programs, they include;
The Arts Council Grant Scheme, which deals with small businesses in the creative industry. It is open to organisations, galleries, libraries and creative individuals. Additionally, if you are into research and development (R&D), you can try to get funding through Innovate UK. This innovative support programme offers support to research, development as well as demonstration based on four broad sectors. The sectors that receive this funding are; Health and life sciences, Manufacturing and Materials, Emerging and Enabling Technologies and Infrastructure Systems.
Start-Up Loans Company
You can also try accessing funding through the Start-Up Loans Company, which is a subsidiary of the BBB (British Business Bank). This company offers financial aid to small private and public startups amounting to £25,000. To qualify for this funding, you should have a great business idea or have been in business for less than 24months. Additionally, you must be a UK resident aged above 18 years.
Despite the unusual happening of 2020, public and private small businesses can still operate through external injection of funds. They can access funding in any of the places discussed above. Make a move today and apply for small business loans to keep your business going.