Coronavirus Business Interruption Loan for Pet Care Businesses

11 May 2020
Darryl Brown
coronavirus pet sitting dog walking

It’s difficult to predict when dog walking and pet sitting will return to normal but the government doesn’t want your business to fail in the meantime. To help, they have introduced a new type of bridging loan called the Coronavirus Business Interruption Loan. It may be the lifeline your dog walking and/or pet sitting business needs to survive the Covid-19 crisis.

Coronavirus Business Interruption Loan for Pet Care Businesses

The Coronavirus Business Interruption Loan Scheme is designed to make business lending easier. It offers government-backed loans of up to £5m and is designed to help UK businesses stay afloat.

The scheme went live on the 23rd March and although it’s had a rough start that shouldn’t put you off applying.

Who is eligible for a Coronavirus Business Interruption Loan?

In short, any UK business with an annual turnover of up to £45m. However, lending decisions are still down to the lender.

How does the Coronavirus Business Interruption Loan Scheme work?

The scheme is being run by (big and small) high street banks e.g. Lloyds, HSBC, Santander, Barclays, Natwest, RBS etc. Basically, anyone who specialises in business finance.

The first 12 months are interest-free with low-interest rates after that. The government will guarantee up to 80% of the loan which means you don’t need to offer security (e.g. your home).

How to apply for a Coronavirus Business Interruption Loan?

You apply directly to your bank either online or over the phone. The government recommends you apply to your existing lender first, and only approach other providers if you’re rejected.

More information is available on the government’s website.

 

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