The increasing global impact of the COVID-19 pandemic is having a devastating effect on UK businesses. With their futures uncertain as income reduces and cashflow drying up, it is becoming more difficult to trade through these unprecedented times.
Representing 99% of the UK’s business population, SMEs play a vital role in the growth of our economy. Reflecting on the economic landscape in recent years, we have witnessed positive growth from these businesses with entrepreneurs bringing fresh innovation in products, services and technology to the table. All of which have contributed significantly to both job creation, economic and financial success.
This is why 1pm’s commitment to backing British businesses through COVID-19 hasn’t faltered. In the face of these testing times, we recognise the important role we as funders play in offering these businesses a lifeline to ensure their survival.
As a trusted financial partner, 1pm are very much open for business. Our Group of companies continue to offer expertise in a range of cashflow solutions, doing our utmost to provide financial support for creditworthy businesses as well as signpost the necessary guidance and advice. We are actively encouraging businesses to look at all financial solutions available to them so they can maintain a flexible supply of cashflow to protect their businesses.
What UK business is experiencing now is unparalleled to anything they have experienced before. Income is most likely reducing or has ceased completely, dependent on the nature of their business. However, costs will continue to mount. The support from the Government has been welcomed by all and although some of this support will kick in automatically – Business rates holiday, HMRC payments deferment and Time to Pay schemes – getting access to the loans and grants may not be as easy as the Government has made out or as quickly as required.
Businesses need to plan their cashflow over the coming months to ensure they know how much cash they need and talk to their funders to see what options are available to them.
At 1pm, we have a range of funding solutions to support creditworthy SMEs for the road ahead. For immediate access to additional working capital, our suite of business loans provides the cash injection businesses need to keep up with everyday expenditure. Extended payment terms with suppliers can be debilitating which is why our invoice finance solutions release up to 90% of the value of unpaid invoices within 24 hours. Our asset and vehicle finance solutions mean business owners can invest in vital areas of the business in manageable monthly payments, easily forecasted in cashflow management. Further information on our financial solutions can be found here.
As we move through these challenging times together, it is our mission to ensure we continue to back British businesses ensuring our funding solutions reach those who need it to pull through this difficult period. And when we do, those businesses will be able to reignite their plans and get back to driving our economy forward for all of us knowing they have our continuing support.