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Debt factoring: Advantages and disadvantages

Posted by Todd Davison on Aug 26, 2021 1:29:21 PM

You can be doing lots of business, but still be relatively cash poor. The late payment of invoices makes cash flow a real issue for SMEs who, having done the work and paid for supplies, are left to wait to receive the revenues for the labour.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance

1 in 3 Small Business Owners became Personal Guarantors in 2020 - 22% haven't told their spouse or partner

Posted by Todd Davison on Jun 7, 2021 3:54:10 PM

June 2021: The personal financial risk of becoming a personal guarantor for a business loan has become a fact of life for 1 in 3 small business owners but it’s also a secret for 1 in 5. This is according to a new survey of 1000 SME business owners and directors[i] by Purbeck Personal Guarantee Insurance, provider of the UK’s only Personal Guarantee Insurance.

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Topics: #pgi, #commercial finance, #SMEs

Personal Guarantee backed CBILS loans surpassed £2 billion

Posted by Todd Davison on May 25, 2021 3:04:14 PM

-> Freedom of Information request exposes high personal risk to over 2,300 business owners

-> Average size of a Personal Guarantee backed business loan at the end of the Coronavirus Business Interruption Loan Scheme "CBILS" was £774k.

-> In total, £2.1 billion of CBILS loans were supported by Personal Guarantees.

-> SME business owners could be on the line for over £154k if their business fails.

-> Many SMEs will have ‘Topped Out’ on CBILS, preventing access to the Recovery Loan Scheme.


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Topics: #pgi, #personalguaranteeinsurance, Insurance

What types of insurance should you consider whilst running a business?

Posted by Todd Davison on May 19, 2021 11:09:43 AM

When it comes to business insurance, owners are typically well informed with products such as employers' liability insurance, public liability insurance and business interruption insurance. But if you have ambitions to grow your business, there are other types of insurance which should be in your thinking.

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Topics: #pgi, #personalguaranteeinsurance, Insurance

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
  •  
  • -> 34% think the Government hasn’t done enough to support small businesses
  •  
  • -> 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 Guarantees required under the COVID Recovery Loan Scheme

Posted by Todd Davison on Mar 4, 2021 5:06:44 PM

Purbeck Personal Guarantee Insurance cautions SMEs over Personal Guarantee risks

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Topics: #pgi

Budget wish-list for post-pandemic SME survival

Posted by Todd Davison on Feb 23, 2021 8:29:56 AM

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.

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Topics: #pgi

Breaking down the insolvency process

Posted by Todd Davison on Feb 17, 2021 1:29:02 PM

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.

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Topics: #pgi

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