Further enhancements to the government small loans scheme or business bounce back loan scheme as it has been branded. Following weeks of constructive dialogue by the NACFB to the British Business Bank and BEIS, further changes have been announced to the CBILS initiative. The changes will significantly impact upon lenders and their confidence to process applications faster
We hope you have enjoyed reading our series on the various types of business finance available in the market. If you’d like to discuss your businesses ability to raise finance please get in touch on the number provided, or drop me an email and I’ll call you!
The final guide in our series will be answering “What are the key features of the Coronavirus Business Interruption Loan Scheme?”.
Revolving Credit Facilities
In this working capital guide will be answering the question: “What is a revolving credit facility?”.
Revolving credit facilities are a great alternative to a traditional overdraft provided by the high street banks. The funder agrees a line of credit with the business which can be drawn down and repaid during the agreed term.
Interest is often charged for the funds drawn, for the time they are drawn and dependant on the lender there is little to no charge for funds which aren’t drawn. When you combine that with often no set-up fee involved, this type of facility is often chosen as a ‘rainy day fund’.
An overview to SME Support Packages
In response to the COVID-19 outbreak in the UK, the UK Government announced a range of support packages for UK SMEs during the 2020 Budget to provide financial assistance to help businesses trade through the current period of uncertainty, disruption and financial pressures caused by COVID- 19. Read more
We hope you enjoyed reading our last guide focusing on Invoice Finance.
The second guide in our series on business cashflow finance will be answering the following question: “Asset Finance – What is Leasing & Hire Purchase?”
Leasing and Hire Purchase are two of the most popular forms of finance in the UK, behind only bank overdrafts and credit cards in terms of S.M.E use.
The effects of COVID-19 on S.M.E businesses across the UK has been profound, so let’s be clear, if you’re a business owner worrying about how the market uncertainty is impacting on your business already, or may in the future, you are not alone!
A Business Loan is a common form of finance for businesses and one of the first options many S.M.Es consider when seeking funding. The lender provides money that the borrower pays back, with interest, over an agreed period. Many funders provide business loans in the UK, including high-street banks, challenger banks, peer-to-peer platforms and other alternative finance providers
The best option for your business will vary dependant on what amount of debt it can afford to repay and whether you meet the eligibility criteria, which varies from lender to lender. The main two variable terms of any business loan facility are the repayment period i.e. how long you’ll have to make repayments for and the interest rate charged.
Coronavirus Business Interruption Loan Scheme
During these unprecedented and difficult times it is essential to look for solutions to all the problems that may be facing your business. There may be assistance in many forms such the much talked about Coronavirus Business Interruption Loan Scheme (CBILS). There is also options to use Asset finance, Invoice finance and Factoring and some of our lending panel can offer cash flow solutions which have also been popular during recent weeks. I will post about some of these options shortly but will concentrate on the CBIL and Personal Guaerntee Insurance that may also be a useful tool in alleviating worries of giving personal guarantees with any form of finance funding. If you would like to speak about any of these other options then please feel free to get in touch.
Hadrian JUNE Finance Newsletter
The June edition of the Hadrian Finance Newsletter has been released. The theme this month is Property Finance. This month’s articles include:
Guide to Short Term Bridging | Top 5 BTL Mortgage Rates | Refurb to Let Bridging Products | Top Slicing Explained | Five Year Fixed Rate News | and the latest Finance Industry News