Monday, 04 May. Salamanca Group’s Chairman – Martin Bellamy was interviewed by Ian King today on Sky News.
The interview centered on the issues around SMEs and the Bounce Back Loans which are considered to ignore a good proportion of SMEs and that the CBILs need attention.
In the interview, Martin discusses why the government’s loans aren’t working as well as they should, and the importance of making sure that the banks can feel confident in lending, which currently, they are clearly not. The SMEs need to be supported with a centralised effort by the government.
You can watch the full interview here.
Three key take away points:
- The Bounce Back Loans are good in principle but are ignoring the wider range of SMEs which are the economic engine room of the UK economy
- The government must consider changing CBILS now – it is not too late to make clear the advice on due diligence or guarantee 100pc of the loans to get them moving
- It is crucial that SMEs get the support they need, as they are fast running out of cash. According to an Association of Practising Accountants survey (26 April), 60 percent of SME’s said they had less than 12 weeks’ cash in the bank. with 40 percent having less than 8 weeks.
About our CBILS advisory
Salamanca Group, in partnership with Hines Associates, is working to swiftly stabilise your businesses and deliver real improvements to cash flow, liquidity and capital structure to find a sustainable outcome for your business.
We will guide you through every step of the process. Standing shoulder to shoulder with management to enable business, protect assets and maximise value for companies in stressed situations.
Our team will serve you from evaluating your likelihood of success in accessing CBILs funding through to negotiate loan terms (cost, security etc) using our market insight to make sure these are reasonable. Should you wish not to proceed with CBILS, we are well placed to suggest alternative strategies and/or sources of funds.
Please email our CBLIS Rapid Response team at CBILS@salamanca-group.com where a member of our team will be in touch within one working day to arrange a call.