Every week our Managing Director, Mark Smilie sends a letter to our business community. For this edition, in response to the continuing economic impact of Coronavirus outbreak, he talked us through which finance is available to who at this present time…
“Dear business community,
This week, I hope that we’re finding you all in good physical and mental health.
At this time, I’ve been counting my own blessings – namely that Mrs S and I live in a comfortable home, with a garden and no mortgage. Fortunately, we also get on brilliantly, and equally I am still able to do business. But it’s not quite the same for everyone…
Based on the calls I’ve received over the past week from Company Directors, many are having a nightmare. They’re trying to get a Government Backed Loan in place to hold their businesses and lives together.
There are even reports of 5-8 hour wait times on helplines!!
But there is a plus side. My team have spoken to many senior managers and directors of finance companies in the last week. This gives us a real inside track on what finance is available and where! The PR arm of Finance Companies are still likely saying “all is well and we are carrying on as normal”.
What you need to know right now:
In short, if you have-
- A business that is trading
- The ability to prove that you will be able to make the loan repayments
- A business that is viable
We at Ringrose Business Finance should be able to get you finance, quickly and easily.
It is notable that in this current marketplace everything is down to how strong your relationships are with the finance companies – as brokers, ours are strongest, therefore there is an 84% better chance of acceptance by using us.
If we cannot help you with a standard business loan, using advice from regulated partners, we can help you understand the Government Backed Support that you may be eligible for.
As a note, often the most rewarding part of my week is when Directors call to say, I am so pleased I read your article…
Other essential reading:
PLEASE NOTE: With regards to the Coronavirus Business Loan Interruption Scheme (CBILS), only accredited lenders can give you access to finance via the Government backed loans scheme, but we have put some information on our website that we hope you might find helpful. Remember, you should only take advice from an Accredited Lender or Partner of the CBILS scheme.
I have been dealing with these finance companies for over 20 years, you give your best customers priority service and your best deals, it is the same with a finance broker. Why not pick up the phone and say hi, you are all welcome to call me on my mobile…
Very best wishes,