It
wasn’t the best start to the New Year for many people. The bad weather had
caused misery over Christmas and continued since. The
environment agency published advice to businesses but even their recommended
protection procedures did not save many small entities.
Storms
affected many small businesses in the south of England. Many have been flooded
out, losing stock and trade, with premises and equipment needing repair or
replacement. Insurance claims take time and not much can be done in the
meantime without cash to get things going. Others have simply taken a hit
because no one was inclined, or was able, to venture out to buy or do business.
Bank Help Offered
to All
If
you have suffered setbacks because of the recent horrendous storms, you could
get some financial help for your recovery. NatWest and the Royal Bank of
Scotland (RBS) have set up a fund of £250 million – the UK Storm Business Fund
– so they can offer loans that will be interest free for three months to
businesses that have been adversely affected, whether or not they are already
customers. The loans will be awarded on a first come first served basis. You
just have to have a reasonable credit rating and be over 18 to qualify. Call 0800 529 8544 to request their help.
Bank Help for
Customers
If
you are already a NatWest or RBS customer, you may be able to get other
temporary benefits, because the bank is relaxing requirements in a number of
areas as an emergency measure. You might be allowed a temporary overdraft
increase or credit card limit extension. Early withdrawal fees and termination
costs could be waived if you want to access money held in an account where
these would normally be applicable. You could even be given a holiday on your
current small business loan. It‘s worth having a discussion with your bookkeepers about which options
would be most advantageous for you.
Chris Sullivan is CEO Corporate Bank for NatWest and RBS. He
said: “Many firms will have taken a real
hit to their livelihoods as a result of this prolonged period of adverse
weather. The loss of trade or damage to stock from such a storm can mean
businesses find themselves in financial trouble…It’s important to the local
economy and communities to get these businesses operational again.”
Your outsourced
bookkeepers may know of other businesses that have suffered, and how they
are coping. There may be helpful local schemes they are aware of, so keep on
talking to them and to others in your local community. You may be able to help
each other.
