Coronavirus info: business and commercial customers

We are supporting our small business customers in a number of ways. To begin with, please get in touch with your Relationship Manager. Or, you can call our specialist business team on 0345 08 08 508 between 8am and 6.30pm, Monday to Friday.  

• We’re here to support our business customers who may be impacted by coronavirus. We understand it’s a difficult time and commit to being a patient creditor for those who borrow from us.
• If you’re a Metro Bank business customer and need to request additional funding support, you’ll need to apply for one of our overdraft or loan products using the normal application process. If we can offer finance on normal commercial terms without the need to make use of the scheme, we’re obliged to do so.
• For Metro Bank borrowers with a viable business, who don’t need additional finance, but require financial support with existing facilities, please contact your Local Business Manager or Relationship Manager for advice on how we may assist you. Measures such as a Capital Repayment Holiday or Interest Roll Up for a period of 6 months are part of the support we can offer.

• If you aren’t eligible to receive finance against our standard lending criteria, we will be able to consider your application under the CBILS scheme.
• CBILS is for existing Metro Bank customers only. If Metro Bank don’t currently provide you with transactional banking facilities, or you have a Mortgage Debenture issued to another Lender, please speak to your main bank for support in the first instance.
• CBILS is designed to support UK based SME businesses. Turnover of the business (or group of businesses) will be less than £45m with more than 50% of the business’ (or group of businesses’) turnover generated from trading activity. The business must have a viable business proposition, but will have experienced a loss in trading or an impact on business performance as a consequence of the coronavirus outbreak.

• The eligibility criteria specified by the British Business Bank states that CBILS is open to businesses that:
  • Have a borrowing proposal which, were it not for the coronavirus pandemic, would be considered viable, and for which the provision of finance will enable trading out of any short-to-medium term difficulty.
  • Can afford to repay the borrowing over a period of up to 6 years. You will need to demonstrate that your business would have been able to afford this lending before the coronavirus outbreak (for example with your financial accounts).
  • CBILS will provide loans of over £25k, up to £5 million, with no interest due for the first 12 months, and a 6m Capital Repayment Holiday. You don’t have to pay an arrangement fee and there’s no Early Repayment Charge. At the end of the 12 months interest free period, our standard pricing will apply.
  • Applications up to £250k will be considered without security. A Personal/Director Guarantee is not For applications over £250k, we must establish a shortfall or absence of security prior to using CBILS.
• For facilities with a proposed maturity after 31 December 2020, the facility amount should not exceed:

1. twice the annual wage bill of the beneficiary (including social charges as well as the cost of personnel working on the undertakings site, but formally in the payroll of subcontractors) for 2019, or for the last year available. In the case of undertakings created on or after 1 January 2019, the maximum loan must not exceed the estimated annual wage bill for the first two years in operation; or
2. 25% of total turnover of the beneficiary in 2019; or
3. with appropriate justification and based on a self-certification by the Applicants of its liquidity needs, the liquidity needs of the Applicant from the moment of granting for the coming 18 months. The Applicant’s liquidity plan may include both working capital and investment costs.

• Under the scheme, the Government provides a guarantee to the lender. It’s important to note that you remain liable for 100% of the outstanding debt. Where defaults occur, we follow our standard commercial recovery procedures, including the realisation of security, before we make a claim against the Government guarantee for any shortfall.
• Whilst loans are available to most business sectors, some restrictions do apply. The following trades and organisations are not eligible to apply: banks, building societies, insurers and reinsurers (but not insurance brokers); the public sector including state funded primary and secondary schools; employer, professional, religious or political membership organisations or trade unions.
• Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.

• To apply for CBILS please contact your designated Local Business Manager or Relationship Manager, who will be able to guide you through our Eligibility Process and next steps. Alternatively, if you do not have a Local Business Manager or Relationship Manager, please call our Telephone Business Managers on 0203 402 8054 or visit your Local Store. If you would like to make an enquiry, you can also complete an online form via our Telephone Business Management Page
• We are experiencing high levels of customer requests and so may take 24 hours to respond to your initial enquiry. Please bear with us as COVID19 is impacting us as well.
• For eligible applications, we will endeavour to process your application with funds ready to draw within 10-14 days.
• Please refer to our website for updates: metrobankonline.co.uk/coronavirus/coronavirus-business-customers/
• If you’re an early stage business in the first two years of trading with primarily UK based activity, the British Business Bank’s Start Up Loans programme (loans £500 to £25,000 at 6% interest) may be more suitable. Visit startuploans.co.uk for more information.

Our SME/business customers and their employees are top priorities and, following the escalation of measures taken by the UK Government on Friday, 20^th March, including the enforced closure of pubs, clubs and restaurants across the UK, and the increased pressures being seen by SME businesses across all sectors, we will take whatever steps we can to support you during this time. 

Other means of support for SMEs at this difficult time include a specific helpline set up by HMRC, details of which and other help available from this source, can be found via the link below. We strongly recommend you look at these websites as an early step.

https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

Similarly, the British Business Bank and the UK Government continue to develop wider financial means of support for SMEs in difficulty, and these can be found via this link:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Naturally, we also encourage you to get in touch with your relationship manager.

Other means of support for SMEs at this difficult time include a specific helpline set up by HMRC, details of which and other help available from this source, can be found via the link below.  We strongly recommend you look at these websites as an early step.

https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

Similarly, the British Business Bank and the UK Government continue to develop wider financial means of support for SMEs in difficulty, and these can be found via this link:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Naturally, we also encourage you to get in touch with your relationship manager.

We suggest that you follow the UK Government’s advice around social distancing, so it’s probably better to call your Local Director, rather than meet face to face.

Our focus is on supporting our existing customers, so if any of your employees need support they should check through our FAQs for ways we can help.