Small businesses and farmers across North East Scotland can now make use of a £100m Bank of Scotland fund to help those affected by the recent floods. The fund waives arrangement fees on lending and is designed to help with any cashflow shortages caused by the floods.
The fund was originally put in place as part of a range of support measures for small businesses affected by Storm Desmond, but it is also accessible to those impacted by further flooding in the North East Scotland, says Bank of Scotland area director for SME Banking Graham Blair.
“We know how critical it will be for businesses affected by the floods to receive support with their cashflow and help them through any interruptions to their business,” he says.
“The aim of this fund is to help businesses with their working capital needs and cashflow shortfalls – for example, by allowing farmers to find food and shelter for livestock or small businesses to pay employees whilst they get their businesses up and running again.”
This announcement is in addition to a range of support already being provided UK wide by Lloyds Banking Group, for businesses and individuals across the affected regions. To support personal customers who have been impacted, the Group is providing emergency payments and offering alternative accommodation where it is needed, as well as relocating specialist staff from other parts of the country.
In addition, the Group’s General Insurance business also has redeployed specialist staff and sent its emergency response unit to affected areas, to help customers with their insurance claims and to offer practical support on the ground.
Businesses can apply through Bank of Scotland branches and business centres.