As the situation with Coronavirus is developing, we want to reassure our customers that we are here to help.
Please note we’re currently receiving an unprecedented level of calls at the moment, and we are doing our best to answer all queries and requests as soon as we can. Thank you for your patience.
The Covid-19 Wales Business Loan Scheme
The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak.
The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cash flow difficulties as a result of the pandemic.
Find out more on the Covid-19 Wales Business Loan Scheme.
Existing Development Bank customers
We are very aware of the pressures that small businesses are currently facing and have put in place business continuity measures to ensure our portfolio teams are available and can continue to support you.
3-month repayment holiday
To help limit and manage the commercial impact of Covid-19 we are offering a 3-month capital and monitoring fee repayment holiday for customers on request.*
We realise that cash flow management may be a key concern and this arrangement will remain in place until 30th June 2020.
*Unfortunately we are unable to offer this service to property development loans
If you have any other concerns or need to speak to us about your investment, please contact your portfolio executive or email email@example.com
General business support
We remain committed to doing all that we can to minimise the impact of Covid-19 on our people and our economy and are working closely with Welsh Government, UK Government and business organisations to keep up-to-date with developments.
- Business Wales have published general advice for businesses and are available on 03000 6 03000.
- The Welsh Government has announced a package of support worth more than £1.4bn for small businesses to help them during the Coronavirus outbreak.
The government has committed to providing a significant funding package to support UK businesses.
There are two main funding initiatives available to companies depending on their size:
- COVID-19 Corporate Financing Facility (“CCFF”): aimed at larger corporates who are strong credits (investment grade) but experiencing liquidity pressures due to the impact of COVID-19. The CCFF will allow large corporates to access short term financing through issuing Commercial Paper (“CP”). The fund will be managed and administered by the Bank of England (“BoE”) on behalf of HM Treasury.
- Coronavirus Business Interruption Loan Scheme (“CBILS”): building upon infrastructure which is in place for an existing scheme, this fund is available to SMEs and looks to provide a range of financing support over the short to medium term. It will be administered by the British Business Bank, with funding provided by a range of lenders who will benefit from a government guarantee. Please note this fund is not offered by the Development Bank of Wales and can only be accessed through the British Business Bank.
Job retention scheme
The government will pay grants to cover 80% of salaries (up to £2,500 a month) for those who are kept on by their employers but unable to work. Find out more.
The government has also published general guidance for employers and employees.
HMRC is offering flexible solutions to help business in the face of disruption caused by COVID-19 and has a helpline for businesses concerned about paying their taxes.
All VAT payments are deferred for three months, from 20 March 2020 until 30 June 2020. This is an automatic offer for all UK businesses, with no applications required. Any VAT not paid back during the deferral period will be due at the end of the 2020 to 2021 tax year. Find out more.