UK Finance, the banking industry trade body, has held discussions with leading business group to discuss the provision of emergency Brexit advice to small and medium sized businesses. Part of their mission is to reassure the SME community that banks will retain the capacity to lend and not tighten the availability of credit. They also plan to outline alternative finance options available to SMEs. 

At Purbeck Insurance Services, the UK’s only provider of Personal Guarantee Insurance to SMEs, we see this action as a proactive and positive step to help the SME community.

There is a view that there could be an upsurge in demand for loans by SMEs as they try to add working capital buffers in a bid to ride out any immediate impact on income following a possible “no-deal” Brexit..

However, if SMEs are considering drawing additional funding, Personal Guarantee Insurance is worth considering for Directors required to provide Personal Guarantees.

For more information please call 0208 004 7250.

Source: https://www.thetimes.co.uk/article/banks-step-up-brexit-advice-to-small-firms-t3zfvhqgk