The Analysis News & Opinions
Opinion
‘Business owners rely on their presonal finances’
The coronavirus is causing SME owners to take drastic action to ensure their business survives. According to our research, one in seven (14%) are using personal savings for immediate financial support despite the options available from alternative lenders. Only a quarter of SMEs have avoided
taking the option of using personal savings as they already had enough cash in the bank to survive the crisis. This demonstrates the vulnerability of UK’s SMEs when it comes to having the finances in place they need to secure their long-term viability and to protect themselves from any future crises. Two-fifths (44%) of SMEs said they have
been negatively impacted by coronavirus and the subsequent lockdown – they have either applied for or considered seeking additional financial support. Of this group: l 13% have extended an existing loan or finance facility. l 12% have already taken out a new loan or finance facility. l 11% are considering applying for a loan or new finance facility. l 7% have applied for a loan or new finance facility. As the economic impact becomes clearer,
it is alarming SME owners continue to use personal savings to support their firm. While some owners might believe this is the best option for short-term cash flow needs, taking this measure can have a detrimental effect on the firm and personal situation, especially if activity does not improve immediately once lockdown measures are eased. Entrepreneurs should be reassured that
there are flexible finance options available; we have already approved more than £100m in funding to SMEs since the outbreak, providing both short and long-term facilities to ensure they have the financial support to get through this challenging time.
Chirag Shah Chief executive, Nucleus Commercial Finance
Winners revealed for industry awards
The most outstanding industry professionals and companies have been acknowledged as the winners and highly commended applications were announced in this year’s Credit Excellence Awards, in association with Arvato Financial Solutions, as CCRMagazine went to press. The winners and highly commended
applicants highlight all that is best in the industry, with finalists ranging from individual professionals to the largest firms. Winners and highly commended
applicants include lenders, technology firms, collection agencies, commercial credit professionals, data solutions, and more. Stephen Kiely, editor of CCRMagazine,
said: “Clearly this has been an unusual year for the awards, as it has been for our industry and wider society. With everything happening within the industry and our wider society, we felt that it was particularly important to recognise and validate the very best in our industry. “As things have come through, applicants
have had a bit more time and they have really focused on their applications, often expressing that these have given them a point of hope in difficult times. “Because of these factors, I believe it is fair
to say that the quality of applications has been higher this year than it has ever been.” Debbie Nolan, vice president collections –
UK, Arvato Financial Solutions, added: “Congratulations to all the winners and highly commended applicants – this a real achievement and I would like to put on record my gratitude to all the judges for continuing with their diligent work in these unique circumstances.” “The Credit Excellence Awards, in
association with Arvato Financial Solutions, play a key part in recognising true industry excellence and, as the economy starts to open up again, we will need to focus on what is very best about what we do.”
Winners l Alternative Lender Banking Circle
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www.CCRMagazine.com
Credit Excellence Awards2020 in association with
l Newcomer to the Industry Ryan Jones, credit controller, Adecco Group
l Compliance Ascent Performance Group
l Commercial Credit & Collections The Right Fuelcard Company
l Export & International Credit & Collections Cedar Rose International Services
l Legal & Enforcement Brachers LLP
l Risk, Data & Fraud Prevention Credit Kudos
l Best Use of Technology Webio
l Collections United Utilities
l Contribution To The Industry MyJar and Aptean
Highly Commended l Commercial Credit & Collections Valor Hospitality, Credit Management Team
l Legal & Enforcement Mortimer Clark Solicitors
l Collections Business Stream
July 2020
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