Last week Lloyds Banking Group which includes Bank of Scotland said it would be waiving £2bn worth of arrangement fees to support small businesses with up to £25m turnover in size and said it would ensure that they have access to additional finance to overcome any impact COVID-19 causes to their cashflow.
The group said, “Lloyds Banking Group wants to reassure its customers that it continues to stand by their side and will provide them with additional financial support as required. It is anticipated that a sustained and wide-scale outbreak in the UK will impact businesses and in particular their cashflows, as interruptions to their supply chain or significant employee absence will severely impact their ability to generate sales and result in reduced revenues.”
In certain circumstances, repayment holidays to be provided, to those businesses impacted the most. All customers with a dedicated Relationship Manager will be contacted to discuss their financial needs.
David Oldfield, Group Director, Commercial Banking, Lloyds Banking Group said, “We fully understand how worrying these times are for business owners, concerned not only about their and their own family’s health and wellbeing, but also of their employees. They are also worried what the outbreak might mean for their business and with no knowledge of how or when they might be affected.
As our customers face into such uncertainty, we want to provide reassurance to them that, if needed, we are here to help with additional working capital to get them through temporary interruptions to their business and to their cashflow.”