There are lots of reasons to be optimistic about the long-term prospects for our industry, we expect to see strong demand for what we offer when restrictions are eased. Remote and rural stays in the UK will hopefully have never been in more demand. Yet the when and how restrictions are eased, and the pattern of this over the next 12 months, means that prudent and proactive financial management and making sure you take advantage of all available government support is vital. It goes without saying, for all businesses (now more so than ever) that managing cashflow is absolutely critical. To follow is a reminder of some the resources available to you, this does not constitute expert advice and we’re sure many of you are already making use of these.
Government business support advice is available for Wales, Scotland and the UK. These are the key resources to check for most up to date information.
There is also a Coronavirus business support overview for UK tourism businesses at Visit Britain and Visit Scotland and a government guidance note for tourism businesses in Wales.
The key things you can look at are:
It might also be helpful to look at the Federation of Small Businesses Coronavirus advice.
The Coronavirus Business Bounce Back Loan Scheme is specifically set up for small to medium sized businesses where you can borrow between £2,000 and 25% of your turnover up to £50,000.
Financial support – your bank
Your existing bank should be your starting point. At this time it is important to stay close to them and keep them informed of your own situation. Although it might not always feel this way, they do want to support you.
– Have you spoken to your bank yet? What did they advise?
– Have you had a conversation with your bank about an overdraft facility?
– Have you asked your bank about a working capital facility? This is like a loan which helps businesses through a difficult period, such as we are experiencing now
– Have you spoken to the bank about a loan or long-term finance solution? The Coronavirus Business Interruption Loan Scheme (CBILS) is the key finance option to consider
– Plus, banks have their ordinary loan facilities, interest rates are now at their lowest level ever.