The past few weeks have been challenging times for a number of business sectors and I’ve seen a lot of worried business owners comment in various forums. I thought it was worth pulling together some latest information from the lenders that we work with and outline the business finance support available.
A number of lenders are coming out and supporting businesses with the additional challenges that Covid-19 is bringing. Just today (16th March) two high street banks have announced their policies with one reducing/removing arrangement fees and another looking at temporary loans and repayment holidays.
One thing is clear is that lenders are willing to support businesses and as such if businesses are struggling with their existing commitments then they should be talking to the lending. Every lender regardless of Covid-19 will have a financial difficulties policy for both individuals and businesses.
As part of the budget announcements, the Coronavirus Business Interruption Lending Scheme was announced this will temporarily replace the EFG fund that many might be familiar with. This scheme is being administered via the British Business Bank and available through a number of their partners. However, scheme details are still being drawn up so more details will come out over the coming days/weeks about this scheme.
In the meantime, lenders are still open for business and supporting businesses with unsecured loans, asset finance (new and existing equipment/machinery), invoice financing and merchant card advances (based on your monthly card takings). Also with the base rate reduction, it might be an option to look at refinancing property/mortgages as and when new rates are released by lenders.
To help support businesses we have created a funder finding portal that enables businesses to input their lending requirements and then look at potential lenders. We are also available to answer any questions and will be posting regular updates via our social media and website.
Our funding portal can be found JJCommercialFinance.FunderFinder.co.uk