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More than just a tick in the box Our roles have never been more important in getting the economy back on track Nick Smith Group Managing Director Reward Finance Group
O
ver the next 12 months brokers and lenders are all going to have to work even closer to help SMEs survive, recover, and prosper.
It was one thing for businesses to prepare to be COVID-19 ready and get used to the new way of working. However, dealing with the financial fallout, which is looming over the horizon, will be a much more difficult hurdle to overcome. Cash balances have been significantly depleted. In addition, pressure is mounting as deferred financial obligations become due such as VAT, PAYE, rent, rates, and invoices held back by understanding suppliers. At the same time, companies have been encouraged to unfurlough staff with the Government offering a modest £1,000 sweetener for every employee they bring back. We also had the enormously successful ‘Eat Out to Help’ out initiative which resulted in 100 million meals being claimed in August.
Broker expertise is invaluable Many will need to borrow to ease their way through the recovery, some for the first time. 16 | NACFB
And we all know how complicated that can be with an extensive choice of short term loans, long term play, interest only, capital repayments, early settlements, working capital solutions, secured, unsecured, equity investments – the list goes on. That’s why we are strongly advising SMEs needing additional working capital to tap into broker expertise before committing themselves to a particular lender or product.
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That’s why we are strongly advising SMEs needing additional working capital to tap into broker expertise before committing themselves to a particular lender or product
