NFU Scotland | /financial-support-for-business.aspx

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Financial Support for Business


NFU Scotland will continue to provide up-to-date information relevant to our farming and crofting members, however, funding is being updated regularly, so it is important to keep up to date with the Scottish and UK government resources to help you navigate the support available.

Where can I find up to date information regarding business support from the UK and Scottish Government?

  • You can find business support information and guidance directly from Scottish Government, available here
  • Use the Find Business Support directory for current support packages, available here
  • Business Gateway have a list of support available for businesses, available here
  • The UK Government have also developed the Business Support Finder to help navigate the support available to businesses. The tool can be accessed here


What support packages should I be aware of?

Notable business support packages include:

Loans:

  1. The Coronavirus Business Interruption Loan Scheme,
  2. The Bounce Back Loan Scheme,

Business support:

  1. The Scottish Government Business Support Fund,
  2. Support for employers, including the Statutory Sick Pay Rebate Scheme, and Coronavirus Job Retention Scheme,
  3. Support for the self-employed
  4. Deferral of VAT payments

Remember to check the Scottish and UK Government guidance for the most up-to-date information.

  • Businesses based in Scotland can check available funding support here
  • UK Government guidance is available here


What rate relief grant funding is available?

The Retail, Hospitality and Leisure Support Grant and the Small Business Support Grant Fund closed on 10 July 2020.  

If you pay non-domestic rates, your property may be eligible for non-domestic rates relief. These discounts only apply to your non-domestic rates bill and won't directly reduce your rent, water charges or other bills.

If you think you may be eligible for any discounts on your bill, such as the Small Business Bonus Scheme, you can contact your local council to discuss eligibility. This service is free. Guidance about non-domestic rates relief from the Scottish Government is available here
 
You'll need to apply to your local council for some reliefs. You do not have to pay to apply. Be wary of anyone who proposes to apply on your behalf for a fee. Applications for rate relief should be made via your local authority. More information on how to apply is online, available here 


I have heard that finance payment ‘holidays’ are available, how can I access these?

Some finance providers are offering payment holidays to help farmers with cashflow. If you wish to take advantage of this, you should contact your provider to discuss. You should read any small print carefully to ensure that you are well informed to make a decision that is in the best interests of your business.

What is the Trade Credit Insurance Scheme?

On Thursday 4 July, the UK Government announced the scheme which will see the majority of Trade Credit Insurance being maintained across the UK. The guarantees will support supply chains and help businesses to continue to trade, safe in the knowledge that protection is available if a customer defaults or delays on payment.

  • The scheme will be delivered through a reinsurance agreement which is open to all insurers currently operating in the UK market, covering both domestic and overseas trade with payment terms of up to two years.
  • The scheme rules also require participating insurers to comply with certain undertakings regarding the conduct of their business during the period of the scheme. For example, this includes conditions that insurers will forgo profits and will not pay dividends or bonuses for senior staff for their guaranteed Trade Credit Insurance business.
  • Implementation of the scheme is subject to state aid approval, agreement of full form documentation with insurers and acceptance of applications from insurers for participation.


More information from the HM Treasury is available here  

Is there insurance for exporters?

To protect businesses that the private credit market cannot insure, export Credit Insurance is also available.  This government- backed export insurances from UK Export Finance will protect businesses that export from the UK against the risk of not getting paid when selling internationally.

More information from UK Export Finance is available here


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