The objective of the Carmarthenshire Business Support (CBS) is to provide short term financial support to Carmarthenshire Businesses through the use of short term Business Loans, rent deferment and rates deferment/relief. 

These three distinct elements to the support will be collectively assessed to provide a business applicant with a tailored package of assistance which will directly assist with their short-term cash-flow. 

This product is geared to assist those rate-paying businesses directly affected by the current economic climate who have short-term and time limited cash-flow problems, but the business is otherwise sustainable.

Rate Relief & Deferment

Where the rates liability is a significant element of the business’s overheads, it may be appropriate to consider a payment deferral for an agreed period during which the ratepayer will be able to suspend payment of the scheduled instalments.

The total value of the deferred instalments would then become payable at the end of the deferral period, either in one lump sum or spread over the remaining months of the financial year as agreed beforehand.

Rent Support

Restructured payments may be offered in respect of both rental arrears and future rents due and repayments can be made over a period of up to 12 months. These can only be applied to Industrial and Commercial properties owned by Carmarthenshire County Council.

Loan Support

Short-term flexible loans can be offered to applicants who demonstrate a short-term cash-flow requirement.  Monthly interest on the loan principal will be paid by Direct Debit with the principal being repaid to CCC within an agreed period of time between CCC and the applicant and at a flexible repayment schedule to suit the applicant.

The interest rate will be 2% above Bank Base Rate (BBR) on a minimum principal of £5,000 to a maximum amount of £20,000.  The optimum amount required for the applicant is to be determined by the accountant acting on behalf of the applicant to ensure that the principal required is ample for the cash-flow needs of the business.

The principal will be repaid in full at the end of the agreed term and throughout the agreed term a CCC Business Development Officer will be allocated to the applicant to engage on an advisory basis.

Criteria

• The business must be a rate payer based in Carmarthenshire
• Small & Medium sized Enterprises (SME) only may apply (employing less than 250 people with either a turnover not exceeding €50 million or a balance sheet not exceeding €43 million)
• The funding support is not for capital expenditure it must be demonstrated that it will only be used for short-term cash-flow requirements
• Only one application per business
• The business must have been established for more than 2 years
• The application must be completed and verified by the applicants accountant
• All requested information must be made available prior to any assessment being made – incomplete applications cannot be assessed and will be returned
• The applicant must prove the need for the Hardship Loan Fund and must also demonstrate an ability to repay at the end of the agreed term
• The company must be willing for CCC to appoint, at its discretion and when appropriate, an independent 3rd party to assist with any assessment e.g. independent accountant/business advisor etc.

Application Form Guidelines

To ease the assessment process, CCC would encourage each applicant to provide as much relevant detail as possible and to ensure that everything requested in the checklist is provided.

An accountant’s statement & verification is required to determine the optimum loan amount and support package and repayment term for the applicant – any application cannot be assessed until this is in place.

Loans and support packages will be offered to applicants where there is clear indication that the applicant is able to repay the principal within the agreed time period – please ensure that details of this are clearly covered in the financial section and the terms of trade section of the application form.

Please be aware that there are limited funds to provide this service and as such all applications will be dealt with on a first come first served basis.   Should all CCC support be fully allocated to companies at any point then any pending applications will be dealt with as and when loan monies are repaid based on the date they were originally received.

Whilst every effort is made to make the form as self explanatory as possible  CCC would urge any accountant or applicant to contact the Business Services Team directly on 01267 242331 to clarify any matters.

For an application form please telephone the above number and one will be sent to you immediately.