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
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
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
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
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