Simply Business, one of the UK’s largest providers of insurance for small business, landlords and the self-employed, has created a Financial Support Checker to help people understand what support and schemes are available for them.
From cafe owners to hairdressers, and fitness instructors to tradespeople, SMEs and micro-businesses have been among the hardest hit by COVID-19. According to The Office for National Statistics, one in four SMEs have been forced to close, with 500,000 thought to be in financial distress.
Billions have been set aside by the government in unprecedented state aid packages to support small businesses through this crisis. But with a number of new schemes launched and information on the coronavirus outbreak constantly changing, it can be confusing for people to quickly figure out what support is available for their small business – and how they can access it.
The new tool from Simply Business simplifies the process for business owners, helping them to understand exactly which schemes they can apply for, and how to access them.
The ‘support finder’ tool will help businesses and self-employed people across the UK to quickly and simply determine what financial support is available to them during the coronavirus pandemic. This is designed to help more businesses get the financial support they are eligible for so they can weather the storm until such a time that it is possible to get back to business as usual.
The tool, which is completely free to use, asks business owners to fill out a simple online questionnaire about their business, which can take just a few minutes to complete. They will then be provided with a list of the financial support they may be eligible for.
UK CEO, Alan Thomas, commented: “Coronavirus has had a significant impact on all businesses – from the very largest to the smallest, and that’s no different for Simply Business, but we’re proud of the ways we’ve been able to respond for our customers.
“Insuring over 680,000 small businesses – from plumbers to accountants to dog walkers – has allowed us to see first-hand how hard these people have been hit by coronavirus. We want to support every small business in weathering this storm, knowing that they play such a vital role in our economy.
“That’s why we’ve created a free tool to make it easier to access the government’s wide range of financial support. It takes just a few minutes to complete, and then instantly signposts a business owner to the loans, grants or other schemes they could be eligible for – and where to go to access them.”
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Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements. Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 600 people across offices in London, Northampton, and Boston in the US.
Owing to its internal underwriting capability, Simply Business can cover over 1,000 trade types – ranging from plumbers to accountants to dog walkers. An accredited B Corp for their positive social impact, Simply Business has also been voted the Sunday Times Best Company To Work For twice in a row.
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© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.