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Todd Davison

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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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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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Loan notes explained – a guide to loan notes for businesses

Posted by Todd Davison on Dec 16, 2021 9:54:57 AM

Loan notes, promissory notes, bill of exchange; whatever you call them, they’re an integral part of modern business and financial management. 

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance

October 2021 sees record uptake in PGI by small business owners and directors

Posted by Todd Davison on Dec 1, 2021 1:17:20 PM

In a sign of the increasing uptake of personal guarantee backed business loans amongst small business owners, and a corresponding need to mitigate the personal financial risks of these loans, we saw policy numbers increase year on year by 143% in October 2021, making it a record month!

The market sectors where business owners and directors have taken Personal Guarantee Insurance over the past month are predominantly construction, wholesale and professional services.

Keir Cox, our Operations Director, said: “Our data suggests businesses are keen to borrow as we get to the other side of the pandemic but may be facing a limited choice of options from lenders, outside of personal guarantee backed loans.  This is even with a strong trading position, as has been the case for the majority of applicants over the past month.

“The increasing demand for personal guarantees from lenders was an issue we foresaw as an outcome of the pandemic but while business owners may have little choice over signing a personal guarantee if they need access to cash, Personal Guarantee Insurance is giving them the confidence to take on a loan without significant risk to their personal assets.”

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1 in 5 small business owners keep quiet about personal guarantee risk

Posted by Todd Davison on Nov 23, 2021 11:47:41 AM

Start-ups warned to start on the right foot

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Do you need to sign a personal guarantee when starting a business?

Posted by Todd Davison on Nov 17, 2021 2:46:31 PM

For many people wanting to start (or grow) their own small business, a personal guarantee is the only way to successfully secure essential funding, but what is a personal guarantee, and is it a requirement to take our a loan for a new business?

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Our Autumn 2021 Budget Wish-List as SMEs Face a Perfect Storm

Posted by Todd Davison on Oct 21, 2021 12:40:22 PM

Ahead of the October budget, we suggest 5 key measures to support the engine room of the economy

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What Are The 7 Company Director Responsibilities?

Posted by Todd Davison on Oct 12, 2021 12:03:22 PM

As a company director, you’re legally accountable for your company’s records, accounts and performance, even if you hire someone else to handle certain day-to-day responsibilities (such as an accountant). The information that you’re responsible for sending to Companies House are as follows:

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Topics: #personalguaranteeinsurance

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