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For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40% worrying about their own cashflow as a result. Recent figures from the Federation of Small Businesses estimate that 50,000 businesses close each year due to late payments. As a result of customers not paying their invoices on time, almost one in three businesses also fear their relationships with customers are negatively affected due to chasing payments, whilst
April 7, 2021
Recovery Loan Scheme (RLS) Launches
Recovery Loan Scheme launches Recovery has been the word on the lips of business owners up and down the country. Today, the Recovery Loan Scheme (RLS) launched with an initial panel of 18 accredited lenders allowing businesses to access funds to kickstart their year. RLS is scheduled to run until 31 December 2021. We are pleased to say we have existing relationships with the majority of those accredited so far and with more lenders coming
March 31, 2021
Spring Forward
That’s what they say at this time of year, when the clocks go forward, daylight is aplenty and the first shoots of new growth appear all around. I really hope that is true not only for the greenery but for the thousands of small businesses up and down the country that have suffered such a torrid 12 months. We have now had the Spring Budget and as expected a number of elements key for businesses
March 5, 2021
Recovery Loan Scheme will launch on 6th April 2021
At the Budget on 03 March 2021 the Chancellor announced the replacement of the Bounce Back Loan scheme and the Coronavirus Business Interruption Loan Scheme with a new Recovery Loan Scheme, which will be delivered by the British Business Bank. What is the Recovery Loan Scheme? The Recovery Loan Scheme will launch on 6 April 2021, following the closure of the current Covid-19 debt schemes – the Coronavirus Business Interruption Loan Scheme (CBILS), the
February 28, 2021
The Shortest Month
Certainly was! February has flown by, the days are getting longer and the garden is beginning to spring into life. Hopefully the economy will be following it. The key thoughts now are about what will happen in the Budget? Particularly with regards to the economic support for individuals and businesses, will it continue or will there be a cliff edge and what will that mean for this year? The Bounce Back Loan scheme and CBILS
