Tuesday, May 5th, 2020
A global economic crisis like the one caused by the Covid-19 pandemic puts companies, especially small- and medium-sized businesses (SMBs), in a desperate situation. In such cases, many business owners apply for the working capital they need to stay afloat. This article will help you with free services offered by payment firms in the UK.
Free Services by Payment Firms for Covid-19 Relief
Skrill is among this type of companies. The firm is offering its wallet and Quick Checkout service free of charge to a number of small- and mid-size companies worldwide. These include those companies that’re providing products/services to support communities.
Another example is the financial-management app based in the UK and operated by open-banking provider OpenWrks. This option enables people in the UK to access payment relief during the pandemic.
The payment relief is called the “COVID-19 Relief and Wellbeing Network.” This is a digital-outsourcing solution. It’s free to consumers and aims to help companies with registration and customer validation applying for financial relief. According to the company, the pandemic has financially hurt 17 million people in the UK.
If you’re running a business in the UK and need to find the right payment firms in the country, turn to a reliable merchant-services comparison expert like BestPaymentProviders.co.uk. Best Payment Providers UK offers the most accurate snapshot of payment specialists in the country at the time of writing.
Business Funding During the COVID-19 Pandemic the UK
The British Business Bank offers temporary financing to support SME businesses with lending and overdrafts. It’s called the “Coronavirus Business Interruption Loan Scheme (CBILS).” The government offers lenders a guarantee of 80% on each loan to provide them with confidence in providing funds to business owners.
The mentioned scheme aims to help SME businesses hurt by the pandemic get access to funds (£5 million). CBILS and the £330 billion of loan guarantees aren’t the only options offered by the government. You can also apply for £12 billion offered as a budget stimulus, and additional £20 billion.
The Future Fund scheme is another example: the latter offers convertible loans ranging from £125.000 – £5 million to companies providing innovative solutions. The scheme aims to help them overcome the financial difficulties they face.
As you see, the COVID-19 outbreak has created both public health and economic emergency. Thankfully, there’s more than one financing opportunity for businesses in the UK.