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23
MAR
2020

Assistance for SMEs affected by the Coronavirus pandemic

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As a family-managed business we understand the huge impact the Covid-19 pandemic and subsequent measures enacted are having on UK businesses; as an SME Finance Charter signatory we are proud to continue to do all we can to support SMEs though these difficult trading times.

Full details of all the measures the UK Government has taken and how to access the various finanical packages can be found on HMRC’s dedicated page https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

To help with business cashflow we are able to provide asset refinance facilities, for new and existing customers. This enables a business to release cash from existing unencumbered or financed equipment quickly and efficiently.

For businesses wishing to acquire additional equipment we are able to offer support under the Coronavirus Business Interruption Loan Scheme (CBILS).

Existing customers can benefit from our introduction of a ‘Refinance Rewrite’ facility – where there is sufficient equity in equipment we have previously financed and there has been a clean payment history we will re-write these facilities to provide a 6 month payment holiday and release cash back to the business.

Both new and existing customers will benefit from 50% payments for the first 3 months of any new standard asset finance facilities drawn down between 23rd March and 30th April (with the reduced element being paid back over remaning term).

Director, Andrew Frost commented

We are a specialist lender, highly experienced in dealing with companies facing financial difficulites. We remain commited to continuing to support small businesses, which are the backbone of the UK economy, and these measures will allow customers to release cash as well as reducing monthly cashflow pressure. Restructuring existing facilities and using more flexible payment profiles is helpful for any business with concerns over cashflow at this difficult time.

About the Author
Andrew specialises in acquisition finance alongside traditional equipment finance and refinance. Outside of work he enjoys travel, time with his family and the occasional round of golf (although a sub-90 round still eludes him!)

As an accredited lender we are able to provide facilities under the Coronavirus Business Interruption Loan Scheme (CBILS). Full details are available on our dedicated page under "News".

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