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How is your bank helping your small business through coronavirus?

How is your bank helping your small business through coronavirus?


Although all the high street banks are offering loans through the Coronavirus Business Interruption Loans Scheme (CBILS), several banks have gone further and are offering additional support to small business sector to help it survive the coronavirus crisis. 

Here is a round-up of what small business help each high street bank is offering to help your SME survive the coronavirus pandemic.

Additional coronavirus bank support for small business – what’s available?

Barclays

Clydesdale Bank and Yorkshire Bank

  • Clydesdale Bank and Yorkshire Bank relationship managers can approve a three-month capital repayment holiday to business customers who have not previously been identified as being in or approaching financial difficulty, or other high-risk groups
  • Relationship managers can authorise to extend overdraft and loan facilities by up to six months without charge – double the current three-month dispensation
  • Payment holidays on request on business mortgages, credit cards and loans
  • Business customers can apply for a free £500 overdraft buffer

HSBC

  • Allocating £5bn to help businesses that need support
  • Coronavirus customer support line (0800 0121 614, open 8am – 6pm Monday to Friday)
  • Repayment holidays
  • Reviewing overdrafts or trade loans
  • Providing trade finance solutions to support customers with their supply chains
  • £3bn lending to importers and exporters that need additional support
  • Pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record

Lloyds

  • £2 billion package of arrangement fee-free finance
  • No arrangement fees for new overdrafts or overdraft limit increases
  • No arrangement fees for increased invoice finance facilities
  • Lower pricing for customers borrowing up to £25,000

NatWest/RBS

  • Extra £5bn added to £8bn Growth Fund providing working capital support to meet the needs of SMEs
    Loan repayment holidays
  • Temporary emergency loans with no fees
  • Local Business Growth Enablers are working with their networks to share information on coronavirus readiness

TSB

 

 



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