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Some useful advice for businesses during the Coronavirus

This information is from Lina Bourdon, a financial advisor and also part of the Federation of Small Business. She has spent some time coming up with some useful info for businesses during the coronavirus..

Here are Lina’s details if you want to contact her:

If you run a business – I know how you feel! It does not matter what type of business you run, we are all in the same boat.

So here are some tips:

- Lenders are setting aside funding for small businesses. HSBC announced about £5bn and Lloyds has £2bn ready to help manage any disruption business customers might have. If you think you would need help – talk to your bank now.

- Some funding will be available from the government; there is very little information about it right now. Keep your eye on this, the Federation of Small Businesses has the whole page with information which get regularly updated.

- If you have business loans than you might get payment holidays. Some banks offer invoice financing. Banks also talk about offering business overdraft facilities and increasing limits if you have this in place already.

- If you employ people – talk to your team and suggest everyone (including you as the owner of business) taking four weeks of unpaid leave in turns through the next few months. While this does mean that everyone will suffer, it`s better to suffer a bit for a short time and keep business and jobs going. Closing the business will mean more suffering for everyone.

- If you are a type of business who got most future appointments cancelled already (dog walkers, babysitters, beauticians, cleaning services, etc) – see if you can create some sort of vouchers which your regular clients can buy and use later. Offering some sort of discount might help too. If you are very open with issues you are faced with and clearly explain why you are doing it, I think many clients would support you as they would want to keep you in business.

I know that many of us will be faced with money worries, be it business finance or personal. If the community will see it beneficial and if there is a need I am happy to set aside an hour or so every so often and take your questions. I might not know all answers but I will help and support as many of you as possible and as much as I can.