Thank you for your support. Like many, we are a small business that very much appreciate the ongoing support of our customers, introducers and panel of finance companies. They are keeing us going during these difficult times and every new enquiry, or introduction, helps us battle through this adversity.
Coronavirus Business Finance Resources
In response to the crisis, we have pulled together a number of resources to help businesses that are affected by the novel coronavirus outbreak, COVID-19. This news release is compilation of all the help and support that we have published recently, regarding the pandemic. Some of the articles include links to external information and resources.
Our most recent edition of FundingVoice magazine contained a number of articles to support companies that have been affected.
At present, pretty much all aspect of life have been affected by the virus. At the time of writing, the UK is in lockdown, like many other countries, which is making normal trading very difficult for many. However, many companies have adapted to remote working via technology, in order to carry on. Fortunately, many of our the members of our funding panel already had contingency plans in place for events such as this. Therefore, we are able to offer almost seamless continuity regarding access to business funding.
Coronavirus Emergency Business Finance
We have produced articles about a variety of different scenarios, where companies may find they need additional cash flow support, to get through this crisis. These are available for you to read, and we can provide further support if required:
- Finance for large orders relating to the virus - this covers funding that can help manage the cash flow pressures if you get a large order relating to the Government's efforts to manage the outbreak. This can include finance for medical supplies, items such as ventilators and their associated parts, services such as contracts to provide medical staff or other types of care staff.
- Government backed loans (CBILS) and alternatives - in response to the cash flow pressures on businesses that are seeing their trade reduced, or eradicated, the Government has introduced the Coronavirus Business Interruption Loan Scheme. There are also a number of alternative sources of emergency funding for companies that don't qualify, are declined for CBILS or cannot wait if there are delays.
Following the ongoing rollout of this scheme, there have been reports that many applications and enquiries are not resulting in a loan being approved. Therefore we have detailed an alternative to CBILS that may help those that have been rejected, don't qualify or don't want the burden of a loan.
- Bounce Back Loan Scheme - loans up to £50K supported by a 100% guarantee from the UK Government. There are alternatives if you don't qualify, have been rejected or don't want to take out a loan.
- Funding alternative suppliers - as the virus has impacted some suppliers, alternative supply chains may be required and credit terms are not always available. We have been helping overcome that issue.
- Invoice finance during lockdown - we already have arrangements in place with invoice finance companies that can provide rapid emergency funding to companies, without the need for face-to-face meetings, and during a full UK lockdown. We are also able to add on bad debt protection to any invoice finance facility, for any companies that are concerned about customers failing, and not paying outstanding invoices.
- Furlough financing - prepayments against invoices raised to the Government in respect of furlough payments for wages claimed on behalf of furloughed employees and staff.
Posted: 31st of March 2020