Virgin StartUp has shared some advice for business founders who are concerned about how the coronavirus is impacting their companies, wondering what their next steps are and what help is available.
Whether you’re already running a business or are in the process of starting up, it’s understandable to have concerns about how this will impact your plans. But Virgin StartUp is on hand to help where it can.
Any mentoring that you already have arranged through Virgin StartUp should continue via phone or video call and they are looking at ways to host masterclasses online. Follow Virgin StartUp on Facebook, Twitter and Instagram for all the latest updates.
Andy Fishburn, Managing Director of Virgin StartUp, said: “We’re committed to supporting founders during this difficult time, whilst also making the health and wellbeing of our community and the Virgin StartUp team a top priority.” Here’s more of the detail:
Start Up Loans
The Start Up Loans programme will not be affected or interrupted at this time. You can still apply for a Start Up Loan through Virgin StartUp and they will continue to provide business advice and a full programme of post-funding support. This advice and support will be provided on a remote basis for the time being, via phone calls, video calls, emails and webinars.
To be eligible for a Start Up Loan, you must be aged 18 or over, live in the UK and have a business which is not yet trading or is less than two years old. Find out more and apply for funding on the Virgin StartUp website.
Start Up Loan repayments
It’s a difficult and uncertain time for many small businesses and the current situation could be presenting additional challenges for your company. If you’re concerned about making repayments on a Start Up Loan, special provisions have been put into place by StreetUK who manage all repayment arrangements on a Start Up Loan.
Email StreetUK on firstname.lastname@example.org to discuss your options.
Virgin StartUp has also offered advice on the UK government schemes to help businesses that are now being rolled out.
Coronavirus business interruption loan scheme (CBILS)
Run by the British Business Bank, CBILS allows smaller businesses – those with an annual turnover of less than £45m – to apply for a loan facility of up to £5m if they are experiencing lost or deferred revenues. The scheme went live on March 23rd and will run for six months initially. The loans are interest free for up to 12 months and will need to be repaid within six years. Visit the British Business Bank to find out more.
Covid corporate financing facility (CCFF)
For businesses with an annual turnover of more than £45m, they could find support from the Bank of England’s new CCFF scheme. This allows larger businesses to apply for funding of at least £1m. Businesses must be able to show that they were in ‘sound financial health’ before the pandemic hit. Visit the Bank of England to find out more.
Coronavirus job retention scheme
All employers will be able to access support to continue paying workers 80 per cent of their salaries (up to £2,500 a month) where they would have otherwise been made redundant. Businesses will need to tell their employees about this temporary arrangement and then submit information to HMRC through a new online portal. Visit the UK government’s business support website to find out more.
For more advice on the schemes available to support businesses during coronavirus, visit Virgin StartUp.