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How Small Businesses Can Get Funding in the UK Amid COVID-19

COVID-19 has resulted in severe outcomes for the economy of the country. Lots of UK-based are looking for both state-based and alternative financing to be able to keep their businesses moving on. This article will help you with financial resources amid COVID-19, as well as with Barclaycard merchant services.

barclaycard merchant services

COVID-19 Impacts on Businesses: Barclaycard Merchant Services

COVID-19 has brought its dramatic impact on small and medium-sized businesses worldwide. In the UK, SMEs are in an extremely challenging financial situation: the finance sector is disrupted.

In March, when COVID-19 appeared, the UK Government announced the Coronavirus Business Interruption Loan Scheme (CBILS). The chancellor announced the scheme on March 1. Since then, this funding program has been offered to a larger number of businesses than it was meant during the 1st days. The turnover accounts for up to £45 million.

On the other hand, small businesses are facing issues concerning BREXIT. Let’s see what Mike Cherry, the national chairman at Federation of Small Businesses (FSB), noted in September. As Cherry has mentioned, small businesses have been struggling because of the COVID-19-related disruption in the last 6 months. Now, the Government needs to provide substantial financial support to help business owners with transition preparations.

Are you owning a business in the UK? Have you got the necessary finances for keeping your doors open? If you need help with reliable merchant services, including Barclaycard merchant services, turn to a trustworthy payments-comparison expert in the country.

A secure merchant-services comparison specialist in the UK will approve you for the cheapest possible services in the space. This is the fastest access to the payment-processing and merchant- funding solutions you need. When applying, see whether the comparison company guarantees the most unbiased snapshot of merchant-services providers in the industry.

Business Funding During COVID-19

Loans for small and mid-sized businesses witnessed a 370% rise in the people interested in startup financing from the 2nd to the 3rd quarter this year. On the whole, business-funding options can be:

  • Internal sources that offer funds from within a business
  • Personal sources that refer to a business owner’s personal funds
  • External sources of funding

All these sources include funding options such as retained profits, share capital, bank loans, unsecured loans, merchant cash advance (MCA), credit-card pooling, savings, investments, and more.

So, the UK Government has been offering business-financing schemes during all these months after COVID-19 appeared in the country. Apart from these schemes, there are also alternative sources that you can apply for to fight the current crisis.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Barclaycard merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.

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