Bosses in Leamington told how to access coronavirus cash lifeline

Bosses from the manufacturing and service sectors joined a conference call with the Bank of England’s Agent for the West Midlands, Graeme Chaplin.

The move came after Chancellor of the Exchequer Rishi Sunak unveiled an economic support package of loan guarantees worth £330 billion on top of £32 billion in cash grants and tax relief measures to help companies fighting to stay afloat in the face of the pandemic.

Mr Chaplin took feedback from the firms on the impact the virus was already having on their businesses.

He said: “The measures that have been put into place by the Bank of England and by 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, backed by the UK government, by issuing commercial paper.

“That will help to support their short-term cash flow and so their ability to pay suppliers.

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

“There is no question that Covid-19 is already causing a severe shock to the economy and everything we are doing is to try to mitigate that.

“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.”

The event was organised by Coventry and Warwickshire Chamber of Commerce.

Mr Chaplin said: “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.”

For information on the support available to businesses, call 024 7665 4321.