Is Coronavirus impacting your business?
It is extremely important that a measured and sensible approach is taken to the Coronavirus, and we at SWBF are of the opinion that the growing concern we are seeing should spark preparation, not panic in businesses. Staff absence, delays or difficulties in goods being shipped or a general slowdown in sales are all examples of things that can impact your business’ cashflow. However with the right planning and preparation this risk to your business can be managed.
The good news is that many of the high street banks, amongst other lenders, have announced that they will support SME’s by offering help such as loan repayment holidays and increased overdrafts to boost working capital. Lloyds announced yesterday that they would offer £2bn of loans to small businesses that have been affected by the virus.
We would urge businesses to review their own plans for managing this over the next few weeks and months, and we are more than happy to talk to you about this in more detail if you feel it would help.