Sun. Nov 29th, 2020

Isle of Wight Observer News

The Island's Free Newspaper

Loan funding to help businesses ‘Restart, Restore and Recover’

2 min read
The Solent Local Enterprise Partnership (LEP) has allocated loan funding to support businesses in the area with the launch of its Covid-19 Restart, Restore and Recover Loans.

The Solent Local Enterprise Partnership (LEP) has allocated loan funding to support businesses in the area with the launch of its Covid-19 Restart, Restore and Recover Loans.

The fund is designed to support businesses providing essential and economic lifeline services for the economy through the Covid-19 pandemic and also businesses that have been unable to access other Covid-19 support initiatives.

Working with businesses throughout the lockdown period, the LEP has shaped this new loan fund to provide two routes to funding:

Loans of between £250,000 and £1,500,000 for businesses providing an Economic Lifeline and Essential Services, who need bridging finance ahead of accessing other Government support, or for those who need loan finance and cannot access other Government support, such as the Coronavirus Business Interruption Loan Scheme.

Loan funding of between £100,000 and up to £1,500,000 where other Covid-19 support is not available, or the amount businesses can access is insufficient to deliver their recovery plan.

SJ Hunt, a Business Director at the Solent LEP said: “As lockdown measures are eased, it is critical that we look to the future and continue to support our economy through its recovery. This loan fund has been specifically designed to support businesses looking to restart and restore to previous levels of activities. It will allow them not only to survive the crisis, but to lead the Solent’s recovery through implementing their own plans for a sustainable, long-term future.”

The new fund follows the launch of the LEPs COVID-19 Business Support Tool to help businesses develop their road map to restart, restore and recover, and will provide an opportunity to accelerate on their road to recovery.

To apply for the funding, businesses must be able to demonstrate that: they have been impacted by the Covid-19 pandemic; have not been able to access Government support or need additional loan funding to deliver their recovery plan; they can safeguard jobs; and would be in a better position to respond to and recover from the crisis with this loan.

Businesses must be located in, and significantly contribute to the Solent economy, and must be able to illustrate that they can survive and recover from the Covid-19 pandemic.

The loan fund has been structured on a flexible basis where repayment holidays can be provided and either zero or low interest rates can be offered subject to any State Aid benefit considerations and the applicants’ financial history.

Applicants are encouraged to book onto one of the weekly webinars to find out more and discuss their application before submission using the contact information in section 4 of the Solent LEP Restart, Restore and Recover Loan Fund Guidance document. For more information on the COVID-19 Restart, Restore and Recover Loan, including how to book onto one of the webinars, go to https://www.solentlep.org.uk/restart-restore-recover-loan/