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6 Questions to Ask Your Personal Guarantee Insurer

Posted by Todd Davison on Jun 20, 2022 4:08:49 PM

Taking out a business loan is no simple matter. There’s a lot of money on the line, which is why it’s important that your assets are properly protected in the event that your business becomes insolvent.

When signing a personal guarantee in support of the business loan, you can choose to protect yourself by purchasing personal guarantee insurance.

As part of this process, you are well within your rights to make enquiries before you commit to a particular insurer’s policy, but how do you check whether an insurance company is safe and reliable?

Our specialists have put together a series of questions that you can ask your potential personal guarantee insurance provider to ensure that they are the safest and most reliable choice.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Government cautioned over new recovery loan scheme

Posted by Todd Davison on Jun 2, 2022 6:00:00 AM

Following news that UK ministers are poised to launch a new £3bn recovery loan scheme that will require business owners to provide personal guarantees, Todd Davison, MD of Purbeck Personal Guarantee Insurance has cautiously welcomed the move but is urging the Government to ensure SMEs are under no illusions about the risks given the current challenges many businesses are facing.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

When Is a Director Held Personally Liable for Company Debts?

Posted by Todd Davison on May 31, 2022 2:17:58 PM

While company status often offers protection to a business director, there are certain circumstances when directors may be held personally liable.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Builders are taking out more personal guarantee backed loans but debt mountain may have passed its peak

Posted by Todd Davison on May 16, 2022 11:33:12 AM
    • -> Personal Guarantee Backed Loan Applications by Small Builders/Contractors up 58%
    • -> Loans for ‘working capital’ up 78%
    • -> Average loan value falls by £23,000

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Applications for personal guarantee backed small business loans up 50%

Posted by Todd Davison on May 16, 2022 11:30:30 AM
    • Applications for Personal Guarantee Insurance to support business funding rose 50.5% Q1 2022 vs Q1 2021
      In March 2022, the number of applications doubled those received in March 2021. 
      • 35% of finance applications with a personal guarantee attached are for ‘Working Capital’
      • Applications for personal guarantee insurance to support funding for ‘Working Capital’ up 88% vs Q1 2021
      • The average loan rises 22%, from £142,718 in Q1 2021 to £174,104 Q1 2022
      • Finance applications for business development up 69%
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

How to Protect Yourself and Your Business When Taking Out a Loan

Posted by Todd Davison on May 3, 2022 1:40:00 PM

We all know that in order to make money, you need to spend money, which is why many SME directors choose to take out loans to help their businesses grow, or when starting on a new venture.

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Replacement RLS scheme to be announced

Posted by Kat Walsh on Apr 13, 2022 1:52:19 PM

April 2022: Following a report in the Financial Times this week suggesting that(i) a permanent replacement for the loan schemes offered to small and medium sized businesses during the pandemic is in the pipeline, we have welcomed the move but urge caution over personal guarantee requirements which could prove a barrier to take up.

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3 ways to mitigate your personal risk as you grow your business

Posted by Kat Walsh on Mar 30, 2022 1:48:11 PM

As a business owner, you’ve got to be comfortable with an element of risk. Not only are you risking your own money, but if you take out credit, you’re risking somebody else’s too.

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Dealing with the Personal Guarantee Dilemma

Posted by Todd Davison on Mar 21, 2022 2:46:37 PM

Starting a business is one thing but keeping it going often needs extra cash and while there is a good choice of funding options to consider, as a start-up it is unlikely you will have security in the business to offer the lender. This means you may need to sign a personal guarantee.

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Sunak’s Spring Statement Must Support Small Businesses

Posted by Kat Walsh on Mar 18, 2022 1:41:03 PM

March 2022: Ahead of the Chancellor’s Spring Statement on 23rd March 2022, we're urging Rishi Sunak to consider key measures to support small businesses following news that company insolvencies doubled in February[i].
 

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