Keeping the cashflow tank topped up
Although it can occasionally appear that there is a constant conveyor belt of negative news in respect of the UK economy, some encouraging signs are also emerging.
The Office for National Statistics released information in January 2020 which showed that the UK employment rate was estimated at a record high of 76.3%. In fact, over the past year, an additional 179,000 employees were taken on by UK businesses whilst the number of self-employed increased by 145,000.
These figures indicate that the performance of the UK economy is remarkably resilient when facing the headwinds seen at the moment. These include the continuing Brexit uncertainties as negotiations commence on an ongoing trade deal between the EU and UK, and potential damage to the world economy caused by the Coronavirus crisis.
The UK’s business community will no doubt be resolutely tested over the coming years but the UK economy has shown in the past that it is well placed to face the challenges ahead with new and agile businesses emerging to take advantage of changing circumstances.
New technology, allied to fresh and innovative ideas and a determination to deliver the very best customer experience will be key to the businesses that will emerge and succeed in the years ahead.
There are times when even the best-run businesses will need access to assistance in managing the lifeblood of any commercial organisation – that is, day to day cashflow.
Traditional methods of cashflow assistance, such as overdrafts and unsecured loans will continue to have their place in helping businesses to manage what can often be seasonal operations. However, there is a growing range of more innovative financial solutions available to SMEs which can help managing cashflow that bit easier.
Newable’s Cashflow Loans are one such solution. They are available to UK limited companies who have traded for at least 12 months and can provide a facility limit of up to £25k which is agreed for a 12-month period.
Successful applicants can draw as little or as much of this limit as they wish and repay over flexible terms of between 90 and 200 days. The limit remains available for a year so the funds can be redrawn providing some welcome flexibility, enabling businesses to deal with many of the short term challenges every business owner will face. There are no arrangement fees and interest is only payable on funds drawn which allows finance costs to be kept under control.
Newable Cashflow Loans are another great option which enables UK SMEs to access flexible and fast business finance.
We would recommend that you review your client base to identify companies for whom this product might be especially useful.
We would love to help you help your clients.