THE Local Enterprise Partnership for Oxfordshire - OxLEP - has seen the coronavirus pandemic impact almost every business of every size and sector, and this is likely to continue for months to come.

However, the county is home to some of the world’s most innovative companies, respected academics, passionate entrepreneurs and small business community.

OxLEP’s goal is to accelerate the county’s economic recovery for the benefit of both residents and businesses.

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Last week, Oxfordshire Local Enterprise Partnership assembled an expert panel to demystify the wide ranging support packages available to businesses and to find out their predictions for the region’s economic future.

Questions from the region’s business community in advance of the digital Q&A session showed the scale of the challenge they are facing.

The panel, comprising a banker, a lawyer, an accountant and a local councillor, was chaired by broadcaster Howard Bentham.

Oxford Mail:

Ashley Keen, director of Metro Bank in Oxford, outlined the government-supported Coronavirus Business Interruption Loan Scheme (CBILS) which, despite some high profile issues, has unlocked funding for more than 22,000 UK businesses so far.

He explained how after receiving a huge number of enquiries and wrestling with rapidly-changing government guidance, Metro Bank is now helping applicants from a diverse range of sectors to access loans to support them through this period.

Small businesses will also gain access to a new micro-loan scheme from May 4 with a simplified application procedure offering 12-month interest-free loans of up to 25 per cent of turnover, capped at £50,000.

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Isabel Bishop, an employment lawyer at professional services company Knights PLC, urged businesses only to apply for these loans if they are confident of emerging from the crisis with the ability to continue trading.

Wendy Hart, a partner at accounting professionals Grant Thornton, agreed, emphasising that CBILS loans are specifically for businesses impacted by the pandemic and will need to be repaid or otherwise refinanced – they are not free money.

The expansion of business rate relief has been widely welcomed by local businesses, reported Barry Wood, leader of Cherwell District Council, adding that the local authority has now processed additional grant applications totalling nearly £17m, equating to over 60 per cent of funds allocated by the government for this purpose.

He said he had been impressed with how the region’s businesses had adapted to the lockdown as well as their clear appetite for recovery.

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Ms Hart reported that many SMEs have taken advantage of the Coronavirus Job Retention Scheme, a significant financial lifeline which enables companies to furlough employees on 80 per cent of salary, capped at £2,500 per employee.

This scheme, now extended until June 30, provoked the most questions for Isabel Bishop, including whether employees should take holiday during furlough so that businesses are not faced with a mass of holiday requests later, and how to navigate the complexities of sick pay for employees on furlough.

The panel also discussed difficulties accessing support for the self-employed and how some businesses have completely fallen through the cracks.

Oxford Mail:

On deferred tax and VAT, Ms Hart advised that although payments to HMRC will have to be paid in the end, it is a good way of improving cashflow and providing financial headroom for businesses.

The panel felt that many businesses are already beginning to look ahead. Those least impacted are generally adept with technology or have been quick to adapt. Some companies are now contemplating new business models that will include virtual ways of working.

Oxford Mail:

Mr Wood summed up this optimistic view of the future, praising the innovative approaches of local businesses and saying: "There was a strong economy here before and there’s no reason why it can’t bounce back.”

The full panel discussion of OxLEP digital Q&As, Supporting businesses through the COVID-19 pandemic, can be found on YouTube and oxfordshirelep.com as well as a range of support materials for local businesses.

Paul Holmes, managing director of PCH Business Support Ltd, has been awarded the contract to run one-to-one business support on behalf of OxLEP and the Oxfordshire Growth Hub, as part of their response to the Covid-19 pandemic.

The businessman from Swindon will be running virtual sessions with company owners needing help and guidance as a result of the current situation.

For more visit oxfordshirelep.com.