Business Resilience

Bank of England

The Monetary Policy Committee at a special meeting voted to cut Bank rate to 0.1% and increase its holdings of UK government and corporate bonds by £200 billion: MPC decision 19 March 2020 (Opens in a new window or downloads a file) (Opens in a new window or downloads a file)

The Gov.uk website lists the various measures available and who is administering them: Covid-19 Support for Businesses (Opens in a new window or downloads a file).  The Scottish Government and Local Authorities have additional information too.

In terms of funding, the Bank of England has taken steps to support banks’ capacity to lend.  The measures on 11th March - BoE Measures (Opens in a new window or downloads a file)  - included a term funding scheme for banks so that they have a cost-effective source of funding to support additional lending to the real economy.  Also there was a reduction in some capital requirements for banks to support further their ability to supply the credit needed. These measures are supported by two other schemes, both going live today see: Coronavirus Business Support to Launch From Today (Opens in a new window or downloads a file) 

  1. For larger firms operated by the Bank of England: Covid Corporate Financing Facility. To access the CCFF firms do not have to have previously issued commercial paper or currently have a credit rating, but do need to be of investment grade  – please take a look at what steps can be taken in order to participate.  The Bank has published a dedicated webpage for corporates seeking to use the CCFF: Participation in CCFF.
  2. The Coronavirus Business Interruption Loan Scheme: CBILS is for firms with turnover of up to £45mn (this has been increased from £41mn). It is being administered by the British Business Bank and is now available through participating accredited lenders: Accredited Lenders.

Scottish Government

Coronavirus Advice for Businesses in Scotland (Opens in a new window or downloads a file) 

UK Government

The announcement on the Gov.uk (Opens in a new window or downloads a file) website lists the various measures available and who is administering them UK Government - Guidance to Employers and Businesses About Covid-19 Support (Opens in a new window or downloads a file) – it is comprehensive & updated as they add additional measures.

Relevant to all Businesses

Banks and Building Societies can participate in the Bank of England’s Term Funding Scheme announced on 11 March with additional incentives for SMEs TFSME (Opens in a new window or downloads a file) Companies can ask their funders about the implications for business lending. 

If You Are a Small Business Based in Scotland

You can access grants and business rate relief measures will be administered by Local Authorities.

Coronavirus Business Support Fund

Other Information

The Association of British Insurers have issued a Statement On Business Insurance (Opens in a new window or downloads a file) and have a COVID-19 Q&A (Opens in a new window or downloads a file) which includes business insurance, trade credit, income protection and pensions and investments.

Also, in case useful: