After CBILS And Bounce Back Loan Schemes have ended, where should SMEs turn to for unsecured small business loans? As the first lenders prepare to join the UK Government’s new Recovery Loan Scheme there is already support out there for survivors of the pandemic.
The thing is, the lenders with the most flexible offers are probably not the high street funders your business has been banking with forever. Still, in 2020, three quarters of SME were only considering one finance provider. The most common reason for this was that businesses simply had an established relationship with that provider (41%).*
While speaking first with your bank is always a good start don’t stop there if lending criteria do not fit your business’ current financial situation. We are happy to share our established relationships with lenders who
- can help businesses with Bounce Back Loans who need further funding
- may consider loss making companies if profitability is forecast with 12 months, against reasonable growth assumptions
- offer products designed for the re-opening of the hospitality industry, including restaurants, bars and night clubs.
*)source: Small Business Finance Markets 2020/21; British Business Bank
Watch this space as the UK Government will announce the details of the new Recovery Loan Scheme in early April.