Just received this helpful info from my accountants, Markhams, regarding banks and the various sorts of recovery help they are providing.
Might be of interest …
From Markhams:
Like us, you’ll be looking to the end of Level 4 and how your business can respond to the new environment and gear up as quickly as you can.
Here are options to investigate:
Support from your Bank
Banks have various Customer Care programmes on offer. These largely consist of the following:
- an increased temporary overdraft facility for up to three months
- discounted interest rates
- principal holidays and a move to ‘interest only’ loans
- asset finance loans to help fund key items such as plant/machinery/vehicles
- trade finance extension of repayment terms.
Your bank’s care packages should be your first port of call and considered in advance of the government guarantee option. Here’s links to source the most up-to-date information: