It’s fair to say no industry has been safe from the impacts of the events of 2020.
From the growing concerns on the pandemic to the worries surrounding a ‘no-deal’ Brexit, you’d be hard pushed to find any sector that hasn’t been affected by the fall-out from these key events.
But, now as a country, we’re wanting to move forward.
As specialist providers of debtor based funding, we’ve seen first hand the commitment and desire local SMEs have shown to ensure jobs are secure and that business can get back to some form of normality when this period is over.
And there’s been some help along the way with new loan schemes and additional funding made available from the government to ensure businesses can cope with the financial impacts of the pandemic.
We’ve even had to step up as an industry to educate our customers on all the products available to them to support their business needs.
We’ve offered advice and support to businesses in an array of sectors, particularly on the alternative methods that are available to ensure a brighter financial future for 2021 and beyond, including invoice factoring and asset finance.
And as 2021 is in full swing, businesses are looking to the future; focusing on staying afloat and being in a better financial position to allow for recuperation, or maybe even growth, over the coming months.
One particular industry that we’ve seen particular growth in for our clients over the past few months is the steel trade.
Classed as an ‘essential’ market during the lockdown period, a particular client of ours, in which we were a recommended lender by Contact Business Finance, actually saw an increase in demand for their services throughout the pandemic.
The steel market is a particular sector that many lenders look to avoid, and, along with the unprecedented events of 2020, this was certainly no different throughout the past year.
But by maintaining a consistent approach to funding and underwriting, we were able to provide supportive and effective financial solutions within these key manufacturing markets.
As the various schemes offered by the government didn’t offer long-term financial help to our clients, we instead suggested a range of other solutions to free up capital during this unprecedented period.
Asset finance and invoice factoring were the methods of choice for financing the steel market, allowing them to keep business operations running as smoothly as possible.
Particularly in the steel market, machinery and technology is the backbone of the business, but of course, this can come with a hefty price tag.
So, if a piece of equipment needs to be replaced, or unprecedented growth leads to the need for additional machinery, asset finance can help cover the costs.
Asset finance through an independent cash flow financier allows businesses to borrow for funding expensive equipment or machinery, essential for the successful running of their business.
Another effective solution we recommend for businesses in the current circumstances is invoice factoring.
This solution covers, in most circumstances, 85% of the value of an impending invoice, and removes the uncertainty involved with SMEs waiting on unpaid invoices.
This opens up additional cash to ensure staff wages are covered, bills are paid and your finances can stay in check.
With a range of funding options available to a variety of sectors, a new year signifies a fresh opportunity to get on top of your cash flow and ensure a better future for your business.
As professional cash flow experts, we can recommend the most suitable finance solutions and funding options available to you.
So, if you’d like to discuss your situation with us, feel free to get in touch with our team on 0121 236 7575 or email us on firstname.lastname@example.org.