How we're responding to coronavirus outbreak

What we're doing to support small businesses during the Coronavirus outbreak.

20 March 2020

What steps can I take to protect my business?

Government, banks and lenders like us are all taking steps to help, here are some things you can do.

Put together a business continuity plan

A BCP helps you plan how to keep your business running smoothly in the face of disruption. It’s worth thinking about how your business could adapt to long periods of remote working or interruptions in your supply chain.

Check your business insurance policy

Find out if it covers ‘Business Interruption’ and if you have an extension for notifiable diseases. If you do, give your provider a call to find out if Coronavirus is covered.

If you haven’t already, speak to your bank

At the moment the fastest way to get access to the Government's Coronavirus Business Interruption Loan Scheme (CBILS) is to speak to your bank.

If your bank can’t help you, speak to one of the other lenders [accredited for CBILS](https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/)

You can find the eligibility criteria here.

Find out if you can get other Government support It’s worth finding out if you could benefit from any of the tax cuts, cash grants or sick-pay rebates the government is offering. We’ve put together an overview of government financial support and other information that could help.

We’re putting together useful updates to help small businesses during the coronavirus crisis. Get them straight to your inbox by signing up here.

What is iwoca doing to help?

We’re working with the British Business Bank to become accredited for the Coronavirus Business Interruption Loan Scheme (CBILS) to boost our ability to fund more small businesses.

Telling your local MP or the British Business Bank about any problems you've faced when trying to get a loan from your bank, and why digital lenders like iwoca should be added to the scheme, could help speed this process up.

Will iwoca continue to offer loans?

We’re still lending, but we’ve had to tighten our lending criteria and reduce our approval window to seven days because of the impact coronavirus is having on all of us – we hope this is just for the short term. We’re doing everything we can to support small businesses as much as we can and are working day and night to be accredited to start offering CBILS.

All iwocans are working from home and our customer success team is here to help any way they can (but there may be a bit more background noise than usual).

Is iwoca still taking applications from all industries?

We always look at your business as a whole so we’ve not ruled out lending to specific industries. But this does mean in order to lend responsibly we need to consider the impact that coronavirus has on each business. This will affect some industries more than others particularly after the government's social distancing measures that were brought into effect on 23 March.

What should I do if my business is affected by coronavirus and I can’t repay?

We’re always here to help. If you think you will have trouble repaying, let us know as soon as possible so we can work together to find a solution. There are lots of different ways we could help, just call us on 020 3778 0274 and we can find the right solution for you.

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Danni Camilleri is iwoca's Brand Manager. She writes articles for our insights page and leads on brand campaigns.

Article updated on: 21 March 2020

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