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Government launches business support initiatives

24 March 2020

Details of the support for businesses affected by the Covid-19 outbreak have been published by the government.

Designed to assist companies, HM Treasury announced yesterday that access to the schemes would be possible on an immediate basis.

The multi-billion investment by the government has resulted in small and medium businesses with a turnover of up to £45m being able to apply for the Coronavirus Business Interruption Loan Scheme for sums of up to £5m.

Large companies are now able to apply to the Bank of England's Covid Corporate Financing Facility, described by the Treasury as a "quick and cost-effective way to raise working capital".

The government has also launched a business information campaign to explain the measures and how to access them.

According to yesterday's announcement, more than £330bn of loans and guarantees will be made available to support businesses affected by the Covid-19 outbreak.

Guarantees for up to 80% have been made by the government for each of the schemes, intended to provide lenders with the confidence to distribute loans.

Details of the 40 accredited lenders can be found on the British Business Bank website.

Additional support has also been pledged for those included in the list of key UK workers.

Appreciation for the government's swift action in providing support for businesses has been stated by a number of businesses and industry bodies, although others have stated that the schemes will not help their companies.

With many businesses either closing or reducing their activities, it seems likely that many will be unable to continue.

The FM sector has already seen business closures, while others struggle to cope with increased demand for products and services.

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