INFORMATION

Find out what Government Schemes are available to the Media Industry during COVID-19

The media industry has been affected like many others, from the coronavirus pandemic that has caused widespread concern and economic hardship across the world. With the need for information scaling dramatically, demand has increased without the mechanisms in place to keep up.

Though this can be a daunting and time-sensitive period, media businesses can get the help they need to keep cash flowing. The UK government has put various schemes in place to help businesses during these unprecedented times, so here is everything you need to know about the current finance options available;

Coronavirus Business Interruption Loan Scheme (CBILS)

CBILS is a scheme that was created to help SMEs whose businesses and cash flow have been affected as a result of the outbreak. The funding is not made directly by the Government but instead via a group of accredited lenders, such as Growth Lending. The funding can be up to £5m and in the form of overdrafts, term loans, asset finance or invoice finance.

The government will pay the interest and fees of the loans for the first 12 months but borrowers will be fully liable for the debt. There is no need for guarantees for borrowing less than £250,000 but a personal guarantee might be required for any more than this figure.

Eligibility Criteria

  • Your business must be UK based
  • It must have an annual turnover of less than £45m
  • It was operating viably but has been adversely affected by the pandemic

Bounce Back Loan Scheme (BBLS)

The BBLS offers six-year term loans ranging from £2000, up to 25% of turnover. The scheme provides a 100% guarantee to the lender, backed by the government. Under the scheme, the government will pay the interest and fees of the loans for the first 12 months. All businesses on the scheme can benefit from the same affordable interest rate of 2.5% per annum.

Eligibility Criteria

  • Your business must be UK based
  • It was established before 1st March 2020
  • It has been adversely affected by Coronavirus
  • Your business was not claiming funding under CBILS, CLBILS or a COVID-19 Corporate Funding Facility.

Future Fund Scheme

The Future Fund Scheme is designed to help innovative businesses that are pre-revenue and pre-profit and that depend on equity investment to support their organisation. The Future Fund Scheme provides convertible loans from £125,000 to £5 million.  

Eligibility Criteria

  • Your business must be UK based
  • It can attract the equivalent funding from private investors and institutions
  • It has previously raised £250,000 or more in equity in the last five years.