The days of bank manager’s making the decisions about lending have long gone. Computers and algorithms rule! SME borrowing peaked during Covid with over £47bn of Bounce Back Loans to more than 1.5m businesses & £26bn CBILS to 110,000 companies. British Business Bank reports that their schemes helped more than 500,000 businesses avoid insolvency. Businesses were cash rich for a while, enjoyed low rates & were happy to give much less security than normal loans. Roll forward 3 years, profits are being squeezed, the cash has run out & interest rates have soared. What is available for your client now?
Kirsty McGregor covers the following areas during this session:
- The latest picture in the lending market - the general commercial reality plus some other less well-known sources with special schemes
- Should companies generally avoid being in debt?
- How lenders use tech and credit scores to make decisions in 2023 & how is this changing yet again?
- Playing them at their game – how using technology can give you the upper hand
- Delivering value to clients (& fees they will gladly pay)
- The longer term picture
- 5 tips to help your client avoid ending up with a bad deal
As Accountant-in-Residence at Capitalise.com she relishes sharing with firms how they can support clients to access sufficient working capital for growth and resilience.
She is also a speaker, professional trainer and is regularly called upon to provide commentary on SME issues to the press and media and was awarded the Accounting International Bulletin’s “Personality of the Year” in 2021.