Day: May 7, 2020

State could take equity in small businesses, suggests Lloyds chairman

Lloyds chairman Lord Blackwell is exploring ways businesses can convert debt into equity

Lord Blackwell, chairman of Lloyds Banking Group, has suggested the government could end up owning equity in thousands of small businesses.

The Lloyds chairman thinks the government would be better off converting loans it is already guaranteeing into equity stakes in small businesses if loans go bad.

Banks and the government would need to work together to “think about how we transform some of that debt that they’ve accumulated into some other kind of security”, he said.

The Bounce Back Loans scheme, which launched on Monday, May

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Small Business Coronavirus Q&A – we answer your questions

Our panel answer questions from small business owners

Welcome to the Small Business Coronavirus Q&A.

In the video below, we’ve answered some of your questions on coronavirus funding as well as looking at concerns about what may be coming up in the near future.

I’m joined by an expert panel:

Sarah Greenwood, accountant at Accounts Department Online

Sarah Greenwood is an accountant at Accounts Department Online

Sarah is the complete small business accountant, she is a chartered accountant and Chartered tax advisor.

Sarah began her career in the insolvency team of a large mid-tier firm, spending seven years undertaking business advisory and restructuring work.  After a brief spell at

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How do I apply for a Coronavirus Business Interruption Loan?

The government has pledged to cover up to 80% of emergency business loans to small business during the coronavirus crisis

How do I apply for a Coronavirus Business Interruption Loan?

UPDATED: The Coronavirus Business Interruption Loan scheme went live on Monday, March 23.

British Business Bank will deliver the loan scheme, which will support SMEs to access bank lending and overdrafts. Interest rates will be similar to current bank lending.

The government will provide lenders with a guarantee of 80 per cent of each loan – subject to a per-lender cap on the number of bad loans it can claim

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