How UK Agricultural Finance is responding to the coronavirus outbreak
What UK Agricultural Finance is doing to support the rural and agricultural communities during the coronavirus outbreak.
What steps can I take to protect my business?
Lenders like us, the government and banks like us are all taking steps to help, here are some things you can do.
- Given government guidance it makes sense to put together a business continuity plan. Having one in place will help you plan how to keep your farm running smoothly in the face of any disruption. If applicable, it may be worth thinking about how your farm could adapt to interruptions in your supply chain, unavailability of farm workers or delays in processing.
- Please check your business insurance policy. Find out if your insurance policy covers ‘Business Interruption’ and whether you have an extension for notifiable diseases. If you do, please give your insurance provider a call to find out if Coronavirus is covered.
- Please see if you are eligible for government support. The government has released a number of measures to help small businesses who are impacted by Coronavirus. It’s worth finding out if you could benefit from any tax cuts, cash grants or sick-pay rebates they are offering. From Monday 23rd March, the Coronavirus Business Interruption Loan Scheme (CBILS) should be available from your main bank, please make sure you speak to them to see if you’re eligible.
Will UK Agricultural Finance continue to offer loans?
We are still lending, but we have temporarily tightened our lending and risk criteria, given the environment because of the impact coronavirus is having on all of us.
We have implemented a business continuity plan and most of our team is working from home, but we are here to help in any way we can.
What should I do if my business is affected by Coronavirus?
We are here to help so if you think you will have trouble repaying, do let us know as soon as possible so we can work together to find a solution.