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54% of SMEs need cash to survive – over half are banking on the Recovery Loan Scheme

Posted by Todd Davison on May 10, 2021 2:36:07 PM

Credit cards and overdrafts prove to be lifelines for SMEs in Pandemic

 

  • -> 54% of SMEs need to secure new finance in 2021, of these, 54% will apply for a loan through the Recovery Loan Scheme
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  • -> 34% think the Government hasn’t done enough to support small businesses
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  • -> 43% saw a fall of more than 25% in business income in 2020


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

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

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 Guarantee risk for over 420,000 small business owners

Posted by Todd Davison on Apr 16, 2020 2:26:08 PM
  • It is estimated that over 420,000 small business owners in the UK are acting as personal guarantors for business loans and could be facing the risk of losing their home due to the impact of Covid-19.  

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

Small Business Owners Take Cover

Posted by Todd Davison on Apr 16, 2020 2:20:46 PM
  • The number of small business owners applying for insurance to protect their personal assets if their business fails, has jumped 84% from the first week of February and the volume of applications over the whole month have almost doubled compared to February 2019. 

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

How to Get Out of a Personal Guarantee

Posted by Todd Davison on Apr 15, 2020 9:33:21 AM
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

A Guide to Bankruptcy and Personal Guarantees

Posted by Todd Davison on Mar 23, 2020 12:10:37 PM

When faced with the prospect of signing a personal guarantee, it’s important that you know all the potential implications should the bank or financial lender look to enforce that guarantee against you, such as in cases of insolvency through liquidation or administration.

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

Recession born SMEs hit terrible teens and reach out for cash

Posted by Todd Davison on Mar 9, 2020 8:30:00 AM

Size of personal guarantees rises 32%

Budget must help small businesses old and new. Purbeck Insurance Services, the provider of personal guarantee insurance has revealed a trend in the owners of small businesses established in the height of the financial crash in 2007-2008 who are now having to put their personal assets on the line to secure finance for their business.

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

International Women’s Day may fail to register with women running SMEs

Posted by Todd Davison on Mar 8, 2020 8:00:00 AM

46% never switch off from work

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

Financial honesty is the best policy for SME owners

Posted by Todd Davison on Mar 4, 2020 4:15:12 PM

8 out of 10 small business chiefs come clean when they put the home on the line

Money worries can be the biggest cause of relationship woes but recent research by Purbeck Insurance Services, the provider of Personal Guarantee Insurance has found that most small business owners do the right thing and come clean to their partner when they take the big step of putting the family home on the line for their business.  8 out of 10 small business owners[i] have informed their partner about a personal guarantee they have signed for new business finance. 

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

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