With less than a month to go until the current Brexit deadline businesses currently face a growing ‘perfect storm’ of conditions. The continuing political uncertainty around Brexit – which in turn creates general economic uncertainty because there is still no definitive answer on the economic rules and regulations businesses will have to comply with – is now combined with growing indications that the UK economy is either in or heading towards recession. Indeed, some sectors, such as construction, are already showing clear signs of contraction.
Ongoing uncertainty dampens business investment, stifles growth and lowers output, creating a feedback loop that hampers growth.
Whilst we’ve seen growing businesses continuing to invest in new or replacement equipment, we’ve also heard from and supported businesses looking to release cash from equipment they own to build up a cash ‘buffer’ or to counteract falling customer demand.
At Genesis, whatever the Brexit outcome we will continue to support UK’s small businesses with funding. As an independent, family-run lender recently accredited by the British Business Bank we know what it’s like to own and run a small business and understand the challenges SMEs face. We take time to meet with every client, get to know them and build strong relationships that enable us to provide funding where others often say “No”.
If you want to find out how we #gotheextramile to support businesses, why not give us a call today?