We want to reassure our customers that we are here to help.
We are committed to supporting businesses with their funding needs, so if you are a business seeking finance please contact us. Likewise, if you are an advisor and want to know how we can assist your clients with their funding requirements, please get in touch.
If you are an existing customer and wish to discuss your loan and how we might be able to help you at this difficult time, please contact your designated Portfolio Executive.
We are working closely with the government and business support organisations to keep up-to-date with developments during this challenging period.
Schemes and initiatives
Building upon infrastructure which is in place for an existing scheme, the Coronavirus Business Interruption Loan Scheme (CBILS) is available to SMEs and looks to provide a range of financing support over the short to medium term.
FW Capital are an accredited lender under the Government’s Coronavirus Business Interruption Loan Scheme. If you would like to apply for a FW Capital CBILS backed loan please visit our dedicated CBILS page.
CBILS has been extended until 31st March 2021.
Aimed at larger corporates who are strong credits (investment grade) but experiencing liquidity pressures due to the impact of Covid-19. The Covid-19 Corporate Financing Facility will allow large corporates to access short term financing through issuing Commercial Paper. The fund is managed and administered by the Bank of England on behalf of HM Treasury. Find out more.
Businesses that originally borrowed less than the maximum amount available to them may be eligible to top up their existing loan. The original loan amount plus the top-up must not exceed £50,000 or 25% of the annual turnover the borrower certified in the original application, whichever is lesser. Find out more.
The Bounce Back Loan Scheme has been extended until 31st March 2021.
The Future Fund provides convertible government loans ranging from £125,000 to £5 million to innovative UK-based companies that are currently being impacted by the coronavirus. The loans are subject to at least equal match funding from private investors. To find out more about applying for the scheme and the eligibility criteria please click here.
The scheme has been extended to 31st January 2021.
The coronavirus job retention scheme has been extended until the end of April 2021. The scheme will pay up to 80% of a person's wage up to £2,500 a month. The state will put in the full 80%, with the employer only covering pension and National Insurance contributions. Employees can be furloughed regardless of whether they are on full-time, part-time, agency, flexible or zero-hour contracts, but they must have been on the payroll by 30 October 2020. They do not need to have been furloughed before.
The Job Support Scheme, which was due to commence on 1st November, has been postponed until the furlough scheme ends.
HMRC is offering flexible solutions to help businesses in the face of disruption caused by COVID-19 and has a helpline for businesses concerned about paying their taxes.
The Job Retention Bonus is a £1,000 one-off taxable payment to the employer, for each eligible employee that you furloughed and kept continuously employed until 31 January 2021. Find out more.
Statutory sick pay will be available for eligible individuals who have been diagnosed with coronavirus or who are self-isolating. SMEs (businesses with fewer than 250 employees) will be able to reclaim the cost of 14 days of statutory sick pay per employee.
The VAT payments deferral scheme ended on 30th June. On 24th September, the Chancellor announced that businesses who deferred VAT due from 20th March to 30th June 2020 will now have the option to spread their deferred VAT payment over a longer period. Rather than paying in full by the end of March 2021, they will be able to pay in smaller instalments up to the end of March 2022. Businesses will need to opt in to the scheme. Find out more.
The government also announced that the 15% VAT cut for the tourism and hospitality sectors will be extended to the end of March 2021.
Businesses might be able to set up a Time to Pay Arrangement with HMRC if they are unable to pay any other taxes in full. This lets them pay what they owe in instalments. Find out more.
Some of the high-street banks have announced measures such as payment holidays to help their customers manage the impact of the coronavirus outbreak. The below are general helplines or dedicated numbers for coronavirus support:
Natwest - Speak to your Relationship Manager or contact 0345 711 4477
Barclays - Speak to your Relationship Manager or call 0800 1971 086.
Lloyds - Promoting up to £2 billion of finance without fees to small businesses. Speak to your Relationship Manager
HSBC - Helpline 08000 121 614
RBS - Speak to your Relationship Manager or Call 0345 600 2230