HU UPDATE CEO Writes to Banks Funding Solutions Engaging With Banks Loans Revamped Updated FAQ
03 April 2020
HU CEO WRITES TO BANKS
Colin Neil called on all NI banks to offer interest free overdraft facilities to all of their existing customers in the hospitality sector, using the money owed by Government to businesses as security. If not, we will face mass permanent closures in our stricken industry.
In his letter, Colin states;
“I believe that all of the NI banks need to play their part and use their own reserves to go beyond the support they are delivering for and with Government funding.”
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FUNDING SOLUTIONS / HOW TO ENGAGE WITH YOUR BANK
A 5 Point Plan by BDO NI
There is no doubt that the challenges facing businesses during this crisis are considerable. Developing a structured approach to the challenges will also help business owners to consider their position and put in place a strategy to move forward with.
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CHANCELLOR REVAMPS EMERGENCY LOANS FOR FIRMS
The UK Government has announced that "Rishi Sunak is taking further action to support firms affected by coronavirus by bolstering business interruption loans and announcing a new scheme for larger companies."
HU CEO Colin Neill said: "We welcome the removal of the 'loan of last resort' aspect, but banks will still have to make a commercial call on the loan."
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Frequently updated HU questions and answers around the COVID-19 / Coronavirus crisis.
New questions in this update are in red.
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ACTS OF KINDNESS
Hats off to Tennent’s NI – donating 21,000 bottles of Tipperary Pure Irish Water Water to 5 main hospitals.
Yet another act of kindness from an industry that could be excused for just looking inwards as it struggles cope with the financial impact of the Coronavirus.
Do you know of any more? Share and tag us on social media (see below) as a ray of light in these dark days, showing once again that the hospitality industry is still at the heart of our community!