58% of SMEs in need could be excluded from Recovery Loan Scheme
Funding through Personal Guarantee backed loans could be only option.
Funding through Personal Guarantee backed loans could be only option.
Posted by Todd Davison on
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.
Posted by Todd Davison on
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.
Posted by Todd Davison on
Purbeck Personal Guarantee Insurance cautions SMEs over Personal Guarantee risks
Posted by Todd Davison on
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.
Posted by Todd Davison on
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.
Posted by Todd Davison on
CBILS loans worth £1.22bn revealed to have Personal Guarantee attached, average loan 300% more than UK house value at £766,000:
Posted by Todd Davison on
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.
Posted by Todd Davison on
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.
Posted by Todd Davison on
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.
Posted by Todd Davison on
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