SME webinar offering a financial review for SMEs

Recorded 15 October, this webinar focuses on the latest on SME finance issues.

16 Oct 2020, 2 min read

Chris Wilford:

The government’s guarantee loan schemes, the availability of insurance and the finance landscape are intertwined. The use of technology and innovation and government support are all critical.
The CBI is in close discussion with government and the financial sector on the extension to loan repayment terms announced as part of the Winter Economy Plan
Trade credit insurance underpins many SME transactions and helps with asset and invoice finance which many SMEs use.
The CBI is calling for the government backstop to be extended to June 2021.

David Beardmore:

The Competition Markets Authority (CMA) has previously reported that current accounts are not competitive
Third party providers are now available, which provide tools and services to help businesses make better use of traditional bank accounts
Established players are now championing open banking, as well as alternative lenders
Open banking can help SMEs in three key areas: resilience, productivity and profitability
David predicts that online banking will drive a radical transformation of an online payment journey, as part of ‘bank transfer’ online payment option.

Chris Matthews:

They now use the ‘Zero’ accounting package, replacing a traditional high-street bank account. And have never looked back
This was invaluable when they needed to access loans at start of lockdown, as lenders were able to make an instant decision based on their access to business accounts. As a result, they were able to access a six-figure loan within 48 hours of their application
All accounts are connected – no payment leaves the business without him knowing about it
He has provided access to view his accounts to a major French supplier, who is then reassured enough to supply goods.