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    As a Director in a small business I know only too well that most business owners right now are having sleepless nights thinking over how this nasty virus may affect short/medium term cash flow. 

    What if this thing sticks around for more than a couple of months?

    How will I continue to pay my staff and suppliers if turnover drops off a cliff? 

    I had this very conversation this morning with an existing client who has a solid small/medium business. We talked over scenarios and made some educated guesses around what financial strain his business may come under over the coming months. Having looked at worst case scenarios we worked on the fact that there may soon be a shortfall of liquid capital to cover staff and operating costs.

    Having made this assumption, we got to work looking at financial options, not least to ease his nerves allowing him to concentrate on keeping the business cogs turning and caring for his staff and clients. After reviewing all options, we decided a short-term unsecured business loan was a viable and sensible move to make with immediate effect. The application took us less than 20 minutes (all online) and with the only real due diligence required being 1 years accounts the case was underwritten and agreed in the same day, resulting in a £50k loan to draw into his business by the end of the week.

    Now this is not the answer for every business owner right now. There are some basic criteria’s that must be hit to qualify, it must be the right thing to do financially and who knows how the banks will react over the coming days, but right now, the option is available and it really is such a simple process.

    There are so many other options available on a personal and business level should you decide to borrow to sure up cash flow. 2nd charge loans, capital release from buy to let or residential property, invoice financing, secured bridging loans, the list goes one. On most occasions and for most business's there is usually an option available.

    Honestly, I write this blog with the continuity of my own business in mind to ensure this crisis does not stop it from continuing to thrive but I also genuinely want to help out my contacts, friends and the wider business community protect what we have all built, My team have the tools and experience to do just that for you, we are very much open for business. 


    Rick Marshall - Director, Specialist Finance

     

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    539-543 London Road, Westcliff-on-Sea
    Essex, SS0 9LJ

    Email: info@affinity-mortgages.co.uk

    Tel: 01702 337 003

    Affinity Mortgages Ltd is authorised and regulated by the Financial Conduct Authority FCA No. 598756.
    Registered in England no: 7992688 with address: 539-543 London Road, Westcliff-on-Sea, Essex, SS0 9LJ.

    Some types of finance such as bridging, development, commercial and buy to let mortgages may not be regulated by the Financial Conduct Authority.

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