Now more than any time since the last recession, small businesses need the confidence to borrow
Purbeck Insurance Services, provider of the UK’s only Personal Guarantee Insurance solution for the owners and directors of small businesses has welcomed the suggestion made by Andrew Bailey, CEO, Financial Conduct Authority in a recent report, to bring regulation into small business lending.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
Finance warning to UK’s small business owners as Brexit uncertainty continues
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
It’s a buzz running a small business, but as a Director of a growing business, I have a fairly good idea of what can keep other small business owners awake at night. Cashflow.
Whether it’s getting money in, paying it out or finding new sources of investment, managing finances can be a headache. So when business owners are faced with the challenge of finding extra cash quickly, where do they go?
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
As Britain’s top banks reaffirm their commitment to back British business through access to finance, ahead of Brexit[i], Purbeck Insurance Services is urging small business owners not to be deterred by a Personal Guarantee to secure access to funding but to look at ways they can mitigate the risk. In a survey by Purbeck[ii], over 1 in 10 small business owners (12%) said they’d decided against taking out a business loan because it included a Personal Guarantee.
Purbeck Insurance Services is the UK’s only insurance provider to offer Personal Guarantee Insurance.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
Demand for Personal Guarantee Insurance from small businesses who have secured finance from Peer to Peer lenders such as Funding Circle rose 40% in the first six months of 2019 compared to H2 2018. Analysis by Purbeck Insurance Services, the UK’s only insurance provider to offer Personal Guarantee insurance also found that the number of small businesses seeking personal guarantee insurance for unsecured loans has risen 58% in the same period.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
In the first six months of 2019, the number of small business owners and directors who purchased Personal Guarantee Insurance for a Personal Guarantee backed finance deal rose 23%, compared to the previous six months. Most small business owners buy protection for loans of £25,001-£50,000 and the demand for insurance protection for this bracket has grown 38% in H1 2019. However, the number of policies for loans of £50,000-£75,000 has risen by 138% over the same half year period.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
If you are one of the many small businesses that have turned to P2P lending to help fund your business, the news concerning the mixed fortunes of these platforms may be giving you pause for thought. P2P lending platforms have become a valuable route to cash for small businesses. However, it appears that the well-publicised collapse of firms such as Lendy is making small businesses more focused on the risks, particularly where a Personal Guarantee has been signed to secure the funding.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
When making a commercial credit application, in order to inject funds into your business, there’s every chance that you’ll be required to provide a personal guarantee. If you’ve never been through the process before you may be unaware of the implications of doing so and therefore unable to make an informed decision.
By the end of this article, you’ll understand what it means to sign a personal guarantee, why lenders require it and how you can mitigate your risk.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
When making a commercial credit application, in order to inject funds into your business, there’s every chance that you’ll be required to provide a personal guarantee. If you’ve never been through the process before you may be unaware of the implications of doing so and therefore unable to make an informed decision.
By the end of this article, you’ll understand what it means to sign a personal guarantee, why lenders require it and how you can mitigate your risk.
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy
We recently interviewed 500 SME business owners and here is what they had to say...
Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy, #SMEs
For more information or to speak to one of our underwriters contact us today.
Purbeck Insurance Services is a trading name of Purbeck UK Limited which is a company registered in England and Wales under company number 10345620 and has its registered office at 20 - 22 Wenlock Road, London, N1 7GU Purbeck UK Limited is authorised and regulated by the Financial Conduct Authority. Firm permissions can be obtained from the FCA register. Purbeck UK Limited is a Managing General Agent and has binding authority to enter into and administer contracts of insurance on behalf of Markel International Insurance Company Limited.
