Special Feature
Fostering a deeper understanding Working together toward success in a post-pandemic landscape Thomas Shave Director of Broker and Intermediary Sales Merchant Money
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s lockdown measures ease and the UK economy reawakens, the challenge of successfully supporting the SME market will be one best faced together.
UK SMEs have been significantly impacted by the pandemic, and lenders have not been an exception. Many were forced to take a risk-adverse approach by wholesale funders, halting new business and tightening underwriting. Yet, following recent Bank of England announcements, more lenders are growing in confidence. The forecasted ‘V-shaped’ recovery paired with government-driven economic initiatives has meant that many are actively looking for opportunities to deploy capital once again. Merchant Money, as a Patron of the NACFB, is single-minded in doing what is best for introducers and their clients. This commitment saw us launch CBILS term loans to both our existing book and new business, whilst remaining flexible in our approach to traditional funding.
Communication is king In the post-pandemic landscape, communication is king. The demand for flexible and tailored finance will inevitably increase, as businesses find their feet and their path back to growth. As such, the provision of ongoing support is essential. Building strong relationships with both client and lender is key. In the past, lenders may have been guilty of relying too heavily on portals and collateral to provide information to introducers. Email is an essential but often over-used tool that lacks the immediacy required to 34 | NACFB
best support customers. Now is the time for change. With market adjustments occurring sometimes daily and more clients falling into the ‘non-vanilla’ bracket, conversations are required. Although video conferencing is likely to continue to largely replace traditional face-to-face meetings in the short term, this can be embraced as a benefit to increase efficiency. Two-way conversations build relationships and discussing applications over phone or video call will speed up processes and aid in bringing about transparency.
Streamlining processes Conversations will be vital but will be of limited use if not streamlined. They should be viewed like any automated or set application process, with both lender and introducer outlining response times and remaining consistent with them. Once the pandemic subsides, client confidence will be hugely important and working together to limit any detrimental impact to
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Once the pandemic subsides, client confidence will be hugely important and working together to limit any detrimental impact to relationships is essential
