Reflecting on four months of business ‘not’ as usual
Corporate and Commercial Business Solutions Group (CCBSG) has reflected on the last four months, as the country comes of its unparalleled lockdown measures, and the impact that COVID-19 has had on families, friends, businesses and employees.
In the early stages of the pandemic, many businesses were publicising ‘business as usual’ however CCBSG’s managing director, Peter Cromarty, claims what the group has witnessed is definitely not business as usual.
Peter said: “There is no doubt that we have not seen anything like this in our lifetimes. Not even the banking crisis of 2008 comes close, such is the far-reaching impact that the current pandemic has had.
“The intensity the business community has experienced during this COVID-19 interruption has been severe and business owners have worked tirelessly to protect their businesses and the jobs of their employees whilst taking advantage of the much-needed government support.
“What we have seen is definitely ** not** business as usual. As finance intermediaries we have seen funders focus on their own customer bases, and in some instances cease any new business activity at all, whilst businesses are having to deal with zero turnover with no time to react and government guidance changing daily.”
CCBSG found that even when the guidance became clearer, businesses were still faced with extreme challenges when realising they were not eligible for the lifeline support offered by the Government and responded by providing their expert advice and guidance.
The team also raised some much-needed working capital for these North East businesses who were struggling to get the support they needed, for one reason or another.
Peter continued: “Not only were we able to help North East businesses through this difficult time with advice and deals, but importantly, they also helped us by showing us the sheer determination resilience of businesses in our region and we applaud them and thank them for that.”
Throughout lockdown, CCBSG has supported a range of industries across the North East, with some deals including: a £2.1m multi facility refinance to replace existing funding, £50k new asset finance for new contract gains post-lockdown and a £1.15m multi facility refinance of existing assets in a CBILS asset facility and invoice finance facility to replace bank lending, to name just a few.
Peter concluded: “Our focus for our clients as we come out of lockdown is heavily weighted towards working capital. This is the primary concern for many businesses and so we will be working with clients to improve their cash position over the next period of recovery.
“Some questions we suggest every business ask themselves include: are there any assets in your business that can be refinanced to provide additional working capital? Are there any assets not being used that could be sold to raise additional cash? And, have you explored all the Government initiatives and areas of support and also looked at alternatives if you have not been successful in your application for them?
“Being in business can be a lonely existence and COVID-19 has probably highlighted that more than any time in the last 10 years, but we at CCBSG are here and ready to assist with all of your funding requirements.”
To find out more about CCBSG’s service offering, visit their website.
This was posted in Bdaily's Members' News section by Tori Lynn .