Coronavirus – prepare and prevent for more peace of mind

We understand the worry and concern coronavirus is causing and that things have felt uncertain recently. We want to reassure you that everyone here at Santander is working hard to make sure your business continues to get the help and support it needs. The tips below are designed to support your business and ensure you’re well supported during these uncertain times.

Tip 1 – Speak to your local Relationship Director for help and support

We lend £20bn to small and medium sized businesses and will continue to do so supporting customers new and old during this uncertainty.

We remain in close contact with all our customers to see how we can support them. Our support will be tailored to the specific needs of each customer and could include access to capital repayment holidays and additional liquidity across working capital, trade finance and loan facilities.

 

Support from the Government

The Government have launched various different schemes to support businesses through these uncertain times, we are committed to participating in these schemes to support our customers. The aim of the schemes is to give UK businesses access to finance during the coronavirus outbreak.

Through the schemes, businesses can apply for funding options appropriate to their business size and requirements. The schemes provide lenders with an element of government backed guarantee against the loan balance.

It's important to note that, if successful in your application, your business will remain responsible for the whole (ie.100%) of the debt.

 

Recovery Loan Scheme (RLS)

A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which opened on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.

All other Government back loan schemes have closed and we’re no longer accepting applications for new loans or top ups to existing loans. If, following an application for business lending, our Relationship Team think that an RLS may be an option for you to consider, they will raise this option with you at that time.

 

Bounce Back Loan Scheme (BBLS)

More information on repaying your Bounce Back Loan can be found here.

Businesses can find information on the whole range of support that the Government is offering at the COVID-19: guidance for employees, employers and businesses page.

 

Tip 2 – Use the Connect Online Banking Service where possible

We ask that you use Online Banking wherever possible, particularly if you are a user of manual payments. This will help you avoid potential delays. The Connect Help Centre is available on our website and provides information to help you use Connect. This includes several YouTube tutorials that administrators can share with new users, so they can familiarise themselves with the service.

 

Tip 3 – Know your Connect log on details

Make sure your online log on details are up to date so you can access your accounts and services, many of which are available online. If you don’t have log on details please register online.

 

Tip 4 – Increase the number of users or administrators who can use Santander Connect

You may want to consider increasing the number of users and/or administrators who can access Connect, to prepare for the potential risk of people in your business being unavailable. You can increase the number of Connect users through your existing administrator, or by contacting the Connect Helpdesk on 0800 085 1580.

 

Tip 5 – Understand the impact of coronavirus on your sector and/or markets

If you need to find out the impact coronavirus is having on the sector in which you operate or international markets you trade with, our team of sector specialists, country specialists and eco-system partners are ready to help you.

They have the latest market information as well as guidance on the effect coronavirus is having in each specific market.

For more information, please email issinsightteam@santander.co.uk.

 

Tip 6 – Stay alert to the risk of fraud

Unfortunately, fraudsters are trying to take advantage of the current situation. It’s important to be vigilant for anything suspicious, including messages about coronavirus that might appear to be from your bank. Remember, we’ll never ask you for your password or ask you to move money from your accounts.

Find out more about how to protect your business.

 

Tip 7 – Navigate through uncertain times

As part of our commitment to support you and your business, our business support hub is dedicated to providing you with support and insights to help you adapt to a changing market.

On our business support hub you'll find webinars with leading industry professionals, insights, tipsand many other business support tools.