Government announces hardship fund for dairy farmers
A new hardship fund has been announced to support dairy farmers who have been affected by Coronavirus.
The government has announced a new hardship fund to support dairy farmers in overcoming the impact of the corona virus outbreak. Eligible dairy farmers in England and Wales will be able to access up to £10,000 each, to cover 70% of their lost income during April and May.
More information can be found on the English and Welsh government websites. More detail on how to apply for these funds will be released in due course. At present there has been no announcement of equivalent support for dairy farmers in Scotland and Northern Ireland.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) is another possible option available to farmers requiring financial support at this time. This supports viable small and medium-sized businesses experiencing difficulties as a result of the coronavirus outbreak to access finance, if external finance is the right answer.
The scheme helps all viable UK-based businesses, including farming businesses with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years. The government will also make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.
Extensions to the scheme mean that all viable small businesses affected by Coronavirus, not just those businesses unable to secure regular commercial financing will now be eligible to take part in the scheme. For further information visit GOV.UK or email firstname.lastname@example.org.