CBIL & BBL schemes available from Skipton Business Finance
There is often a feeling of reluctance from businesses when seeking Invoice Finance mainly because there are so many definitions and types available. This causes businesses to feel overwhelmed when looking at financing options.
However, at some stage, every owner-managed business will face an irritating wait for payment from slow-paying debtors and Invoice Finance can offer the best funding solution.
The ongoing lockdown may be causing you to feel anxious and overwhelmed, especially regarding keeping yourself and your loved ones safe against the virus. We have put together a small guide on how to keep yourself protected.
Know what symptoms to look out for
As COVID 19 is a virus that affects the lungs, the main symptoms are reported to be a fever or dry cough, which can also lead to breathing problems.
A great deal of us will have found ourselves working from home for the past week and though some might see that as a positive, most of us will struggle to maintain the same efficiency that we would have in the office. You may be finding it difficult to concentrate with new distractions whether it be a needy pet, uncomfortable desk or even just low morale. It’s important to make sure that your morale is prioritised as this can have detrimental effect on your work and, more importantly, your mood.
Take regular breaks
The Enterprise Finance Guarantee (EFG) scheme is a government-backed initiative created to assist small businesses in their loan applications. The scheme was established in 2009, shortly after the global economic crisis in the previous year which left small businesses struggling to get the finance that they needed. It was introduced as a replacement for the previous SFLG scheme which had been established since 1981.
How does the EFG scheme work?
When looking for financial options for your business, it can be overwhelming due to the amount of finance products and services available.
Two of the most common and popular forms of business finance used are Invoice Finance and Bank Overdrafts. Invoice Finance involves having access to unpaid invoices at a set advance less an agreed fee before your customers pay you. A bank overdraft is closer to a loan as you are given a set amount to use which you will later pay back.