The current climate is making for hugely unsettling times as a business owner.
Whether sales are drying up as people are staying at home or you are struggling to get paid from customers, every business in the UK is being impacted by COVID-19 and the biggest knock-on effect of this is cashflow.
What can you do?
The biggest thing to remember is that if you had a decent business pre Coronavirus, you will almost certainly still have the same strong business once it has gone – your customers will still need your goods and services.
The biggest challenge for most businesses is actually getting through to the point where the country is running as normal.
One thing that I am seeing is businesses looking to hold a bigger than usual cash cushion to ensure that they can see it through and pay all of their bills for a period of time even if the worst happens to revenues/cashflow.
How do you do it?
Lots of clients are taking on short-medium term debt to give them this buffer. As an independent, whole of market broker, Sedulo Funding Solutions has lots of options to source this for you.
We have a variety of funding “products” with a panel of over 100 lenders, meaning that we can find the right solution for you. We help many clients everyday source finance and have expertise in but not limited to:
- Cashflow Loans
- Tax loans
- MCA (Merchant Cash Advance)
- Asset Finance
- Invoice finance
- Secured Loans
- Revolving Credit Facilities
What are the barriers?
Lenders are in the risk game and undoubtedly there is more risk out there!
Due to that, we are seeing a number of lenders either “pausing” on lending money until the issues are behind us or tightening up credit policies. It makes it even more important that you work with a broker who knows the market, knows how to best choose the right lenders and can package the deal to the lenders, showing your business in the best possible light.
Time is also of the essence; as things deteriorate, so will lenders appetite, so it’s important to understand now whether taking some debt is the right thing to do, and doing it before it is too late.
What do you do now?
Simply, get in touch. We’re here to help, so if you have any questions regarding funding support, contact me below.
We can review your finance options and alleviate some pressure, allowing you to focus on what matters most, leading in your business.