We know that all our clients will be looking closely at (and taking steps to manage) their short-term cash flow requirements. Our objective at BHP is to help provide our clients with whatever support they need in navigating a way through these unprecedented circumstances.
On Tuesday the Government announced its stimulus package with a series of measures to support businesses through the inevitable disruption resulting from the coronavirus situation. A summary of the announcements on the wide-ranging support for business is set out in the following link:
One of the key measures announced was a significant package of financial support which the Government has called the Coronavirus Business Interruption Loan Scheme (CBILS). This will be managed by the British Business Bank and administered through its 40+ accredited lenders (including the high street banks). Details around the distribution of this support are yet to be fleshed out but are expected through the course of next week and we will be providing regular updates as they develop.
In the meantime, if you should have any questions around existing facilities we recommend that businesses direct these to their regular banking contact. We understand from speaking to a number of the high street banks that there are measures they are able to take to help with short term cash flow. Continued dialogue with your existing funding partner is going to be important in the coming weeks and months.
We recognise that this will be a challenging time for many in adapting to the uncertainty. We have therefore put together a team at BHP to help and support our clients with their funding requirements during this period. Should you wish to speak to us please do not hesitate to contact one of the individuals below from our Corporate Finance and Debt Advisory teams. Alternatively, your regular contact at BHP will be pleased to discuss how we can be of help.
