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Covid-19: our response and ways we can support your business

With the situation surrounding Covid-19 continuing to develop, we know this is placing challenges on many of our clients’ day-to-day operations. Our relationship teams are ready to work with you and provide appropriate support, so please do not hesitate to get in touch with your relationship contact for assistance as needed.

Following the announcements from the UK government, the eligibility criteria for the Coronavirus Business Interruption Loan scheme (CBILS) have now been updated. You can find out more on our dedicated CBILS page.

For information on the Coronavirus Large Business Interruption Loan scheme (CLBILS) for larger businesses please visit the CLBILS page.

Financial support

Around the world, central banks have taken unprecedented steps to support economies through the pandemic. The European Central Bank pledged €3 trillion of liquidity, while the US Federal Reserve cut rates twice in March.

In the UK's March Budget, Chancellor Rishi Sunak announced a range of measures targeted at ensuring that businesses would be able to weather the economic storm caused by Covid-19, at the same time as the Bank of England announced an emergency rate cut.

The Government has since gone much further with a series of measures designed to support businesses “of all sizes”.

The measures announced include:

  • A Covid-19 Corporate Finance Facility (CCFF): this new facility will support corporates who would normally seek market-based finance for their working capital. The facility stands ready to support unlimited financing to eligible companies. Find out more on the Bank of England website^
  • The Coronavirus Business Interruption Loan Scheme (CBILS) that was announced provides up to £5 million to SMEs, and the first 12 months of that finance will be available interest-free, with the interest covered by the UK Government. Read more about CBILS here
  • The Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched on 20th April 2020 with loans of up to £200 million for businesses with turnover greater than £45 million. The loans are 80% guaranteed by the UK Government. CLBILS has no upper turnover limit. Read more about CLBILS here
  • A Future Fund is launching in May 2020 for businesses who are able to attract private investment. The government will match private investment in UK-based companies with an equal value loan ranging from £125,000 to £5 million. Read more about eligibility here^.
  • A Disruption Loan Guarantee Scheme to support SMEs in Jersey, Guernsey and the Isle of Man is available to businesses with a turnover of no more than £10 million with lending of £5,000 to £500,000, either by overdraft or loan based upon key funding requirements of the business. Detailed advice can be found on the Government websites for Jersey^, Guernsey^ and the Isle of Man^  or alternatively contact one of our overseas Business Managers.
  • Business rates are to be suspended for all retail, hospitality and leisure businesses in England, for 12 months. This has been extended to also include nurseries
  • A Coronavirus Job Retention Scheme whereby those who might otherwise have been laid off due to the Covid-19 outbreak can be kept on thanks to the Government reimbursing 80% of an employees’ wages up to a maximum of £2,500 per month
  • VAT is deferred from 20 March 2020 to 30 June 2020
  • Grants of £25,000 are available for smaller retail, hospitality and leisure businesses with a rateable value between £15,000 and £51,000.

If you think your business might be in need of this additional support, please contact your relationship team at Barclays. We are ready to aid short term cash flow pressures with measures such as capital repayment holidays and temporary increases to overdrafts.

If you are looking for information about the Bounce Back Loan scheme (BBLs), please visit the Barclays UK website.

You can find the latest information about financial support and other UK Government measures on the GOV.UK website here^.

Business loans

Solutions

Coronavirus Business Interruption Loan (CBILS)

Discover the Barclays Corporate Coronavirus business interruption loan to gain the financial backing you need to help your business cope with the Covid-19.

solutions

Coronavirus Large Business Interruption Loan (CLBILS)

Discover the Barclays Corporate Coronavirus large business interruption loan to gain the financial backing you need to help your business cope with the Covid-19 (for businesses with turnover greater than £45m).

International trading

Barclays has introduced a number of measures to support international clients and customers. These include streamlined access to Barclays Trade Loan solution, enabling payments to your supplier base to be tailored to your trade cycle1.

Barclays has also introduced a simplified process for requests to extend existing trade loan facilities2 and enabled bespoke solutions for submission of Trade related documentation, like guarantee applications, to support clients working from home.

Please note that support for UK Exporters and their supply chains can also be accessed through the recently streamlined UK Export Finance solutions, which include working capital and guarantee issuance with up to 80% government support available.

Barclays is working with HM Government, the Department for International Trade and UK Export Finance to bring further help for UK businesses trading overseas.

Our Trade & Working Capital specialists are here to help and to work with you to create the tailored solutions needed by your business.

Please do call us on 0330 159 5983 (open 9am – 5pm Monday to Friday) or click here to email .

1 Subject to application and Credit approval. Security may be required. Terms and conditions apply.
2 Subject to criteria

Fraud

If you have implemented contingent/multiple location working in your organisation, we have created an FAQ which provides guidance on how our digital channels can be accessed.

The UK Government has created an FAQ which includes advice on whether your business premises should be open, and support if the advice is to close.

Fraudsters will be looking for opportunities to exploit any vulnerabilities in your processes while your staff are working remotely. Make sure you and your colleagues stay vigilant, wherever they are working from.

Read more about some of the tactics fraudsters are using on our Covid-19 fraud page.

Barclays resilience’

Barclays has resilience and business recovery plans in place to respond to risks or hazards that may affect business as usual for its clients and customers.

These are reviewed and tested on a regular basis to ensure that Barclays’ preparations are sufficiently robust to cope with a worst-case scenario. The plans include:

  • staff safety and security measures
  • duplicate IT systems
  • remote alternative sites for critical functions
  • remote working and other arrangements for business-critical colleagues
  • a clear crisis chain of command and crisis communications plan.

Barclays’ priority is to continue to serve our customers and clients whilst protecting the health and safety of our colleagues.

We are monitoring the development of Covid-19 and taking appropriate steps to protect our colleagues so that they can continue to serve you, our customers and clients.

Our existing, well-practised resilience strategies are designed to maintain services to customers in spite of disruption and these have been enhanced to meet the challenges of Covid-19.

Barclays will consistently track government advice in the respective country/locality, and may determine that further steps are appropriate depending on particular circumstances. Accordingly, we may need to limit our services to clients and customers to meet the challenges that arise.

Join our calls

We have been hosting regular calls to best answer your questions and share updates from the team at Barclays. The last call focused on Social Housing and Local Authorities sectors and took place on Friday 17th July – if you missed this, please click this link.

Our next call will focus on Technology, Media and Telecoms. Register now for the call on Friday 31st July. Click here to register.

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