Attached is some general information about the scheme. The advice is to go to approach your own bank initially. My Barclays manager has shared with me the minimum information that would be required to proceed with a request – see below. Clearly this will require some assistance from us if you wish to proceed with an application.
The huge advantage that we will have to pull the necessary information together for those of you who use our Xero or other cloud based platform for your book keeping, is that we can see your numbers, they are up to date and we can link these into other tools we have to generate the reports to show the impact a downturn in trade may have, what additional funding is required and also project forward to prepare the necessary forecasts required – so please get in touch with us if you require our help in this.
The last 2 years trading accounts, with management accounts for 2019 if 2019 full accounts are not available
All Key Directors to complete as “statement of assets and liabilities and expenditure” documemnt
Explain what the key impacts of Coronavirus have been, not just ‘Coronavirus’ but some specifics e.g. loss of clients walking through the door, forced shutdown, staff sickness.
What are your largest costs currently e.g. staffing costs, business premises costs, stock and or/other debt costs and what are you doing/done to reduce these?
Does you have up to date cash flow forecasts? Please send these to me even if basic.
When the Pandemic is resolved, how long do they believe it will take to start recovery? What challenges will you face e.g. future loss of contracts/staff availability?
What changes is your business making in the short and longer term to help drive business performance back to either pre virus levels or beyond?