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58% of SMEs in need could be excluded from Recovery Loan Scheme

Posted by Todd Davison on Apr 8, 2021 11:01:33 AM

Funding through Personal Guarantee backed loans could be only option.

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

How to make sure you can secure business finance

Posted by Todd Davison on Mar 18, 2021 11:30:49 AM

Borrowing hit record levels in 2020 with almost half of the UK’s small and medium-sized businesses seeking out financial support – more than three times the level of the previous year – amid the coronavirus pandemic.

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Topics: #personalguarantee, #personalguaranteeinsurance

Small businesses urged to heed the warning signs of insolvency

Posted by Todd Davison on Mar 15, 2021 2:16:02 PM

Interest on average Personal Guarantee backed loan through CBILS could reach £327,000.

The Office of Budget Responsibility has predicted a default rate of 40.4% on BBL and CBIL finance to SMEs, with £27.2 billion of loans expected to be written off[i].  Purbeck Personal Guarantee Insurance, provider of the UK’s only Personal Guarantee Insurance to SME business owners and directors, is urging the 59%[ii] of businesses revealed to have borrowed more than 20% of their turnover, to calculate their repayments and heed the insolvency warning signs.

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

Personal Guarantees required under the COVID Recovery Loan Scheme

Posted by Todd Davison on Mar 4, 2021 5:06:44 PM

Purbeck Personal Guarantee Insurance cautions SMEs over Personal Guarantee risks

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Topics: #pgi

Budget wish-list for post-pandemic SME survival

Posted by Todd Davison on Feb 23, 2021 8:29:56 AM

Purbeck Personal Guarantee Insurance, provider of the UK’s only Personal Guarantee Insurance to SME business owners and directors has set out its Budget wish-list to the Chancellor of the Exchequer, Rishi Sunak to help struggling SMEs get through to the other side of the pandemic.

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Topics: #pgi

Breaking down the insolvency process

Posted by Todd Davison on Feb 17, 2021 1:29:02 PM

The Coronavirus crisis and subsequent lockdowns have hit the UK’s economy hard. While the government has introduced financial support for businesses to help them get through the period safely, these will end in 2021. Deloitte Uk predicts that there could be a backlog of insolvencies.

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Topics: #pgi

CBILS loans worth £1.22bn revealed to have Personal Guarantee attached

Posted by Todd Davison on Feb 4, 2021 12:28:25 PM
    • CBILS loans worth £1.22bn revealed to have Personal Guarantee attached, average loan 300% more than UK house value at £766,000:

    • -> Freedom of Information request exposes high personal risk to SME owners
    • -> Average loan value £766,000
    • SME business owners could be on the hook for over £150,000 if their business fails
    • -> 39% of SMEs not aware of Personal Guarantee risks[i]
    • -> Concerns over size of loan repayments and awareness of personal guarantee risks
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Key statistics surrounding CBILS/BBLS lending during the Coronavirus pandemic

Posted by Todd Davison on Jan 20, 2021 1:10:09 PM

The Government’s fiscal measures introduced in response to the shock of the pandemic – in particular the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) – have helped to bridge the revenue gap for many viable businesses that might have otherwise found themselves in jeopardy.

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65% of SME workers feel their mental health has suffered

Posted by Todd Davison on Jan 14, 2021 8:20:56 AM
  • A survey of SME workers[i] has found that close to 2 out of 3 people (65%) have suffered from mental health issues as a direct outcome of the pandemic, with women suffering marginally more than men.

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Will the Coronavirus lending schemes hinder lending in 2021?

Posted by Todd Davison on Jan 4, 2021 1:56:18 PM

While the government’s support measures have undoubtedly helped businesses with their cash flow during the Covid-19 crisis, this rescue action could impact the lending market moving into 2021 and beyond.

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