Go Exporting’s free coronavirus Live Chat support service for exporting businesses has helped change the rules surrounding the government’s emergency loan scheme, making it easier for exporters to access funds.
The Coronavirus Business Interruption Loan Scheme has made £1.25 billion available to UK firms who have seen trade dry up due to the lockdown. However, for many exporting businesses, funds have been unattainable.
This was due to a clause in the scheme which meant that any UK firm achieving 80% of turnover from exports was not eligible.
One of those businesses struggling to access the critical funds got in touch with Go Exporting for advice on the issue. We advised them to contact their Chamber of Commerce which took up the issue whilst we consulted with the Federation of Small Businesses and the British Exporters Association – both of whom agreed the rule was unfair.
Further clarification from the British Business Bank, the administrator of the loans, was sought by the FSB, as well as the press being notified, which has now led to the government updating its guidance and clarifying that exporters are eligible to access funds.