These are without doubt unprecedented and disturbing times but also a time to remain calm and not panic.
At AFS Group we have worked through the 2008 financial crisis and everything else that has been thrown at us but clearly this crisis will affect everyone both in business and as individuals.
The situation is moving so fast it is difficult to know what to do at this uncertain time but my advice to concerned business owners would be as follows:
In the first instance approach existing finance providers to request a payment holiday in line with the Treasury guidelines an initial 3 months forbearance could be available. In conjunction with this action I would also recommend approaching your business bank to see what assistance they can provide at this time. All will be in communication with the Treasury and British Business Bank discussing the various centrally organised measures aimed at providing relief to businesses and individuals.
There is a useful link to the British Business Bank and the Coronavirus Business Interruption Loan Scheme (CBILS) below:
Finally, Funders are still open for new business so credit facilities are available to purchase assets, refinance existing assets to release cash and provide working capital solutions, this could well be a quicker solution than trying to go down the CBILS route above, or help to preserve cash whilst following the CBILS application process.
Within our Synergy Commercial Finance and Asset Finance Solutions networks our Brokers are both experienced and resilient and will endeavour to help business owners access solutions through these uncertain times. We have access to over 200 Funders across both networks, don’t hesitate in contacting your AFS or Synergy Broker, I’m sure they can find a way to help.
These are the internal sales team contact email addresses:
The following provides a useful link to other measures available to businesses and individuals to help them through the crisis:
https://www.ukfinance.org.uk/covid-19
These are unprecedented times but we will get through this, we will have to, it’s as simple as that. Good luck everyone and stay safe and well.
