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TIME TO GET IN SHAPE by Chris Brown


Managing director, Brown & Co


According to the British Business Bank, of the 1.9m businesses which applied for a Bounce Back Loan, 1.4m were approved, representing a 75 per cent acceptance rate.


The average loan was £29,000, less than the average director’s salary. Is this really going to be enough for a whole business to survive 2021 and beyond?


The Coronavirus Business Interruption Loan Scheme (CBILS) is for loans between £50,000 and £5m, but this scheme has a lower approval rate. Only 87,000 applications were approved of the 201,000 that were applied for – a 43 per cent success rate.


However, it’s not all doom and gloom.


Although applications for CBILS are expected to close on 31 March 2021 (this may change!), there is still a great opportunity to obtain cheap   even fuel their growth plans.


 Capitalise who can access more than 100 lenders from just one application. This also helps increase the acceptance rate for CBILS to 75 per cent.


Combine this with the fact that SMEs are four times more likely to secure funding when working with their accountant and you have a formulae for success.





• No repayments or interest for 


• No arrangement fees


• No personal guarantees up to £250,000


We have already obtained £500,000 in funding for our clients through CBILS, with another £1.2m in the pipeline. Of course there are other types of funding available, however there’s never been a more important time to make the most of this government-backed scheme and get your business in shape.


FINDING THE RIGHT FUNDING PACKAGE by Gary Cain


Director, Reach Commercial Finance


Speed and flexibility are the key drivers at the moment as Covid- weary businesses across the county look for funding options to plot a way out of difficulties, or keep on track with longer- term goals.


Sitting down with a business owner and their advisor to plan for the future and assess their  process right now. Once this has been done, speaking with a broker means that we can review all options across the market,  to address the funding needs of the business.


We’ve helped a dozen or so Lancashire businesses during  solutions for them, often in the alternative space, rather than the usual high street banks so our wide network of lenders is proving key right now.


In fact in a couple of recent cases – for a furniture manufacturer in Darwen and a recruitment  came to an end with mainstream suppliers, and we helped put  solutions in place alongside a Business Interruption Loan.


While economic certainty remains in short supply, we are seeing Lancashire businesses looking for  the future.


Good cash management is critical, especially now, so the principles of credit control need to be front of mind for all SME business owners.


Reach Commercial Finance is an  with a wide range of experience in helping limited companies and corporate entities secure funding. It is part of Leonard Curtis Business Solutions Group.


Helping business owners in Lancashire to secure funding.


By working with us, you invest in a resource of professional industry knowledge with a record of finding solutions tailored to specific business finance needs.


Why Reach?


• Unique personal approach • Ability to present a range of solutions • Time taken to fully understand your funding needs


Need to get in shape? 


01253 871111 www.brownandco.uk


Get in touch with one of the team:


hello@reachcf.co.uk 0800 993 0193


SPEED - FLEXIBILITY - CERTAINTY OF CLOSURE LANCASHIREBUSINESSVIEW.CO.UK


39


FUND YOUR BUSINESS


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