Today the Chancellor announced a new 'bounce back' loans scheme. This is a 100% Government backed loan scheme which will enable small businesses borrow up to £50,000 and access the cash within days.
The scheme has been designed to ensure that small businesses can borrow up to £50k and access the cash within days. It provides lenders with 100% guarantee and pay any fees and interest for the first 12 months, no repayments will be due during the first 12 months.
You can read more about it below
Locally more support for businesses has also been rolled out. Staffordshire County Council has set up a £500,000 business fund to small sole traders and microbusinesses through this difficult time. Grants are issued in bouts of up to £1000 on a first come first served basis for eligible applicants.
Businesses will need to demonstrate what they need the grant for and what difficulties they are facing during the Covid19 lockdown. The grants are aimed at businesses who do not qualify for other forms of help like the Government grants.
You can read more about it by clicking here
Finally for staff looking for work the Stoke on Trent and Staffordshire LEP is running a redundancy and recruitment triage service. It helps those who have lost their job due to coronavirus put their skills to good use in new roles, particularly critical roles which are hiring for certain skill sets at the moment.
If you have been made redundant and want to book an appointment for guidance call 0121 296 5550 or email firstname.lastname@example.org
The service has already helped many secure new jobs - some in sectors they had never thought they would work in but make better use of their current skill sets. So give it a go!