The Department for Business, Energy and Industrial Strategy’s Enterprise Finance Guarantee Scheme, available through high street banks, is a guarantee facility for small UK businesses to improve the availability of working capital through term loans and the consolidation of overdrafts. It will also support lending for business growth and development in cases where a sound proposition may otherwise be declined due to a lack of security. Open to small businesses in the UK with an annual turnover of up to £41 million that are currently not easily able to access the finance they need.
The Prince's Trust and NatWest have launched a £5million grant fund for young entrepreneurs whose businesses have been affected by the coronavirus outbreak. The Enterprise Relief Fund aims to help 18-30-year olds keep their businesses afloat during the COVID-19 crisis. Cash grants can be used to maintain core business operations during the crisis, as well as meet any existing financial commitments, such as paying for essential equipment or settling invoices from suppliers. Additionally, grants will support young people to diversify their business to respond to opportunities created by the crisis.
In conjunction with grants, the initiative will offer one-to-one support and guidance to anyone who needs it and who may be worried about their future. To be eligible, businesses must have started up in the last four years and be run by someone aged 18 to 30. Young people who are in the process of starting a business and do not have any other source of income during the crisis are also eligible to apply for a grant.
Facebook Small Business Grants Programme coming soon. Small businesses in over 30 countries where Facebook operates may be eligible to apply.
Innovate UK (IUK) has opened a one-off competition to help UK businesses focus on emerging or increasing needs of society and industries, during and following the COVID-19 pandemic. By fast-tracking innovation, it is expected that the UK will be better placed to maintain employment levels, a competitive position in global markets and make the country more resilient to similar disruption.
Applications must demonstrate both realistic and significant benefits for society (including communities, families and individuals) or an industry that has been severely impacted and/or permanently disrupted by the coronavirus pandemic. This competition is open to single applicants only. To lead a project, the organisation must be a UK registered business of any size. The project must be carried out in the UK and applicants should intend to deliver the proposed outcomes for UK domestic or global benefit. Applicants must have the capacity and capability to deliver the project successfully and on time during the working restrictions of COVID-19. They must demonstrate the ability to start the project no later than June 2020 and ensure the project has value for money. The deadline for applications is 17 April, 2020.
Funding to Help England's Tourism Organisations through Coronavirus Outbreak. Emergency fund to support England's local tourism organisations will provide immediate financial support to Destination Management Organisations (DMOs) that are at severe risk of closure due to the pandemic. DMOs provide expert advice and guidance to local businesses and are a crucial part of developing and promoting English tourism. There are an estimated 150 in England, each running marketing campaigns, providing advice to local tourism businesses and conducting research on behalf of their members. Under the scheme, DMOs will be able to receive up to £2,500 per month for two members of non-furloughed staff who provide crucial business support services and up to £5,000 to cover operating costs. The funding will last until 30 June 2020 and is repurposed from the Discover England Fund.