30th Jun, 2022

Bank of England help is at hand for struggling businesses in Coventry and Warwickshire

Andy Morris 19th Mar, 2020

FINANCIAL help is at hand for businesses across Coventry and Warwickshire during the Coronavirus crisis, the Bank of England has assured.

The Coventry and Warwickshire Chamber of Commerce hosted a conference call with Graeme Chaplin, the Bank of England’s Agent for the West Midlands, and companies in the manufacturing and service sectors.

Graeme took feedback from the firms on the affects the outbreak had already had on their businesses, and told them help is available – and more may follow.

He said: “The measures that have been put into place by the Bank of England and the government over recent days are to ensure there is liquidity for banks to lend to ease cashflow concerns for business.

“Large firms can borrow directly from the Bank by issuing commercial paper. That will help to support their short-term cash flow and so their ability to pay suppliers.

“In addition, the high street banks have been given access to Bank of England funding, via a Term Funding Scheme, to support cashflow shortfalls at small and medium sized firms.”

He said there was ‘no question’ that Covid-19 had already caused a severe shock to the economy, and the Bank was trying to mitigate that.

He added: “It was extremely worthwhile to hear from businesses which means any further support takes into account what is happening on the ground on a day-to-day basis.

“I’d echo what the chamber has been saying over the past few days – that businesses need to ask for help and ensure they know what support and measures are out there.”

Call 024 7665 4321 for information on support available to businesses.

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