“Earlier this month, the Bank of England claimed there has been an ‘intensification’ of Brexit uncertainties. Results from a survey they conducted recently showed that half of the businesses who participated had started putting plans in place for a no-deal Brexit, as well as seeing a sharp fall in business investment.
If you have been in the financial industry for some years, then you will remember very clearly the doom and gloom that surrounded the economic downturn between 2008 and 2011. Falling sales and revenues, record low interest rates and increased credit default. Even today, there are some businesses who, despite surviving are still licking their wounds.
Regardless of the headlines, it was not all pessimism for businesses. In fact, here at Accredo we were one of the few to experience the opposite and managed strong growth during that period. Being an alternative business funder, we found ourselves in a unique position as one of a very limited number of commercial lenders still actively lending, this allowed us to support our brokers and their clients through this very austere time.
Obviously, during that period there was an increase in applications for debt consolidation and time critical lending but also a surprising number of proposals for new start finance.
This is an indication that whilst the news is negative, UK small businesses continue to evolve throughout the entire economic cycle and it is essential to have funding available to support this.
In periods of macro-market uncertainty and reluctance in the lending community such as now, when the deadline for leaving the EU is fast approaching and no deal has been agreed, Accredo is well capitalised to continue to offer all of our products with unchanged underwriting principles.
I empathise with the decision for many UK businesses and lenders to be cautious until the unknown is known. However, I also think it is important that businesses are offered a variety of options and that they are made aware of the different avenues available to them.
We offer secured loans – with terms from 3 months to 10 years and welcome proposals from limited companies, sole traders and partnerships. We are happy to consider start-ups as well as established businesses and those with difficult credit histories.
We continue to have a strong capital base, significant funds available for lending and as much appetite as ever to lend to your customers. Our team of experts are here to help so if you would like more information, do give us a call on 01444 255 915.”