How is your bank helping your small business through coronavirus?

In addition to the government coronavirus emergency loan scheme, several high street banks are offering additional support to help small businesses get through the crisis

Although all the high street banks are offering loans through the Coronavirus Business Interruption Loans Scheme (CBILS), several banks have gone further and are offering additional support to small business sector to help it survive the coronavirus crisis. 

Here is a round-up of what small business help each high street bank is offering to help your SME survive the coronavirus pandemic.

Additional coronavirus bank support for small business – what’s available?

Barclays Bank

Barclays

  • Helpline for all business banking customers impacted by the coronavirus outbreak. Call 0800 197 10862 between 8am and 8pm Monday to Friday (except bank holidays)
  • Free business banking and no fees or interest on overdrafts between March 13 and June 12 2020 for business banking customers with annual turnover up to £250,000. After June 12 2020, normal charges and fees will apply, which will be debited from business banking accounts from August 2020

Clydesdale BankClydesdale Bank and Yorkshire Bank

  • Clydesdale Bank and Yorkshire Bank relationship managers can approve a three-month capital repayment holiday to business customers who have not previously been identified as being in or approaching financial difficulty, or other high-risk groups
  • Relationship managers can authorise to extend overdraft and loan facilities by up to six months without charge – double the current three-month dispensation
  • Payment holidays on request on business mortgages, credit cards and loans
  • Business customers can apply for a free £500 overdraft buffer

HSBCHSBC

  • Allocating £5bn to help businesses that need support
  • Coronavirus customer support line (0800 0121 614, open 8am – 6pm Monday to Friday)
  • Repayment holidays
  • Reviewing overdrafts or trade loans
  • Providing trade finance solutions to support customers with their supply chains
  • £3bn lending to importers and exporters that need additional support
  • Pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record

LloydsLloyds

  • £2 billion package of arrangement fee-free finance
  • No arrangement fees for new overdrafts or overdraft limit increases
  • No arrangement fees for increased invoice finance facilities
  • Lower pricing for customers borrowing up to £25,000

NatWestNatWest/RBS

  • Extra £5bn added to £8bn Growth Fund providing working capital support to meet the needs of SMEs
    Loan repayment holidays
  • Temporary emergency loans with no fees
  • Local Business Growth Enablers are working with their networks to share information on coronavirus readiness

TSBTSB

  • Repayment holidays for new loans
  • Standard arrangement fee waived on overdrafts, terms loans and any credit limit increases or renewals if your small business is impacted by coronavirus