Understanding the funding solutions available
As we navigate these uncertain times it is important to understand your financial position and devise a strategy which will help define the future of your business and most importantly, its survival.
What financial solutions will best suit your business needs?
There has been much publicity around the launch of and accessibility of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans. Although the CBILS scheme has not been accessed so readily this potentially valuable source of funding is still available and now is the time to act if you think you will need financial assistance. Most businesses will feel the strain over the next few months, even those businesses who were enjoying significant profit pre-COVID-19. The spotlight has been on the retail and hotels & leisure sectors who have been the hardest hit by the pandemic but businesses across all sectors are feeling the pressure on cashflow as revenues have slowed and for some completely halted.
As the wheels of business are slowly starting up again, it is imperative to plan ahead, and proactively consider ways to manage costs and generate revenue. It is foolish to consider the funding schemes as quick fixes. Instead they should form part of a detailed business strategy that maps out how the funding will assist the running and future performance of your business as well as understanding how it will be repaid.
Adapting to change
As always, those businesses who understand their market and customers best and keep a level head will emerge stronger. We are already seeing many businesses develop new revenue streams by diversifying such as the retail sector moving more of their operations to online or home delivery of goods locally.
Our Corporate Finance & Banking team have been working hard through the pandemic to support many businesses across the region to access the various Government funding schemes. We have successfully handled to date over £30m in loans and can guide you on what best suits you and how to apply for it, creating a detailed case.
For further information on the funding schemes available and how our Corporate Finance and Banking team can support your application please contact Tony Farmer: firstname.lastname@example.org