Responding to the chancellor's announcement in the Budget of additional support for small and medium-sized businesses (SMEs) impacted by Covid-19, Stephen Jones, Chief Executive of UK Finance, said:

SMEs are vital to the success of our economy and we support the package of assistance for businesses announced today by the chancellor. Through the Coronavirus Business Interruption Loan Scheme banks will be able to provide targeted funding, initially up to £1 billion, for impacted SMEs as part of the industry's commitment to supporting viable business. This is alongside recent announcements from individual firms of the detailed support they are giving SMEs to help them continue to trade while they implement their contingency plans.

?We urge all businesses to think about how their customers, suppliers and cashflow could be affected by Covid-19 and to contact their finance providers as early as possible if they think they might have any additional financing requirements. The industry continues to work closely with government, regulators and business groups to ensure SMEs have the support they need and access to the best information and guidance.

Banks and finance providers have the capacity and commitment to support SMEs and the industry is encouraging businesses across the UK to speak to their finance provider early to discuss any potential funding requirements.

UK Finance's Let's Talk Business website provides dedicated guidance to SMEs on access to finance. The campaign advises firms to:

• Think about how your customers, suppliers and staff could be affected by Covid-19, so you are prepared for any potential impact.
• Ask your bank or finance provider early on if you think you might need additional finance, or changes in your current arrangements. The earlier you engage the easier this will be.
• Look into alternative finance options. Most applications are successful, but if your first choice doesn't work out, there are many different providers and types of finance available.
• Know where to go for more information to help your business. Use relevant guidance to consider what plans you should be making and actions you should be taking.