2020 was an unpredictable year for everyone, with businesses worried about how to deal with and simultaneously recover from the aftermath of the pandemic. As many had worked towards 2021 afraid to make any plans, more than 65% of small and medium businesses are worried about the lack of a clear recovery path.
The biggest problem for many small businesses as a result of the pandemic was cash flow, with many not receiving any income from their regular operations, however still being required to pay outgoing bills such as loan repayments or mortgages. Although government support was provided in many forms, these did not cover all expenses.
Business owners have stated due to the ever-evolving situation of COVID-19, relationships with their current funders and lenders have been more turbulent with the main concerns regarding loan conditions, lack of flexibility and having to provide property as security.
However, relationships with their trusted advisors, such as brokers or accountants, have remained positive and in most circumstances grown favourably due to partnership during 2020 which has led to a positive influence on their business.
With fewer cases being reported daily and states opening their borders, it’s time to start planning and making those hard decisions for your business again. Decisions can include assessing your business viability, highlighting funding options or working out other fallback options for when government schemes such as Job keeper finish their duration.
Demand for business credit has also increased in many states, compared to the previous quarter, with owners and decision-makers looking to plan for the near future and discovering ways to improve their business growth and future, through extra funding opportunities.
Whether you require a loan for renovations, new equipment or assets, cars or anything that will help your business survive and thrive, get in contact with our brokers to find the right solution for your business.