20 Mar 2020
The current corona virus pandemic is presenting huge challenges to businesses on a scale that none of us are likely to have encountered in our working lives. The ferocity and immediacy of the impact will have left many bewildered but it is vital that businesses plan & take action to enable them to survive this crisis and come through with a strong and sustainable business for the long term. It is essential you plan ahead immediately, and we are here to support you with this.
For many, there will be difficult decisions to take and sacrifices to be made. Review overheads to eliminate unnecessary costs, examine your customer base to determine those that are in the more vulnerable sectors and above all ensure you have a realistic cashflow forecasts for the coming months.
However, the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of GDP which can assist businesses in their time of need.
As always we are here to help, whether that be assistance with projections to support funding applications or to assist as a signpost to the assistance available from the authorities. For support, please do not hesitate to contact your relationship director today.
For more information on the Government support, please click here.