By Tara Foley, Lloyds Banking Group Ambassador for the South East
These are extraordinary times we’re living in and many businesses across the UK are doing all they can to survive.
We’re seeing great examples of innovation, with companies adapting and being creative with the services they offer. But we know that a lot of businesses need support with their cash flow and at Lloyds Banking Group we’re helping our customers up and down the country weather the storm.
Here in the South East, some organisations are being supported through the Coronavirus Business Interruption Loan Scheme (CBILS). The scheme was launched to provide SMEs access to loans of up to £5 million, with the first six months of the loan being interest-free.
We also welcome the introduction of the new Bounce Back Loans which will provide a fast track solution for those smaller businesses that are in need of support now and as they move to reopen for business. In fact, in the first day of the scheme, more than 32,000 businesses received BBLs totalling over £1 billion from Lloyds Banking Group.
One business we’ve been able to help is the Regency Corporation, which owns 20 pubs across Sussex. It has secured a £250,000 loan through the CBIL scheme from Lloyds Bank. Located in small towns, each pub is run independently and tailored to the local community. However, due to Coronavirus, they have had to close and furlough a total of 150 employees.
Now though, the loan from Lloyds Bank will boost cashflow, meaning the business can pay suppliers and staff until its furlough grant is received from the government.
However, not all businesses want to take out a loan. So, as well as the CBILS, we are helping organisations tackle the challenges posed by the lockdown in various other ways.
We know smaller businesses, for example, are concerned about interruptions to their supply chain and the impact of having staff on furlough. Our relationship managers across the country are speaking to nearly 5,000 small businesses every week to chat through their options.
We have allocated up to £2 billion to support those businesses impacted by coronavirus, as part of our £18 billion commitment for 2020. This has enabled us to provide around 37,000 overdrafts, capital repayment holidays and deferred payments to clients.
While these are difficult times we’re living in, there are steps businesses in Oxfordshire and the wider South East region, like the Regency Corporation, can take. The road ahead will undoubtedly be a challenging one, but I want to reassure people that we’re doing all we can to lessen the financial burden and would encourage organisations to reach out for our support if they need it.
