How to fund your business through the Coronovirus second wave
There is a resurgence of Covid-19. The second wave is no longer a threat, it is now a reality and UK business owners face a tough winter. Many have managed to continue trading, but now need more finance to help them survive into 2021. Here’s a look at how to fund your business through a second wave of Coronovirus.
Government funding during a second wave
The Government stepped in as a source of finance during the first wave. However, Treasury coffers are now depleted and the initial furlough scheme is coming to an end. It is highly likely that business owners will now need other sources of funding.
The hospitality, events and creative industries have been particularly badly hit. Further lockdowns during a second wave will reduce the number of customers and may even force some companies to shut completely.
Business owners relied on funding from the Goverment to survive the first wave of Coronovirus.
However, I don’t think the Government will help companies financially as much as they did during the first wave.
Business owners need to think about how they can access other streams of funding.
Indeed, Mike Cherry, national chairman of the Federation of Small Businesses, says that many businesses are now seriously afraid of what the future holds.
Any cash reserves that helped during the first wave are now depleted and businesses will now need to find funding to survive a second wave of Coronovirus. They have lost their summer trading and Christmas trade is unlikely to make up the shortfall.
Time to seek expert help
Business owners can survive the tough ride ahead if they ask: ‘What am I going to do for money through a second wave?’
As we’re hit by a resurgence of Covid-19, it is important that business owners seek expert financial advice. There really is no time to lose.
A specialised financial broker, such as Funding Track, has the knowledge and contacts to help hard-hit businesses find the best finance package.
It’s not the time to turn up at your bank with your accounts in a plastic bag asking for a £30,000 loan.
You need to be organised and strategic. You need to present your case clearly so that lenders can understand what you need and work out if there is a deal.
The best source of funding to help your business survive a second wave of coronovirus could be via a specialist commercial broker.
A specialist broker is skilled in structuring a deal that will get done. We are experts who can help you present your case and find lending sources.
If you want to find funding to help your business survive a second wave of Coronovirus it helps to present your case clearly. You need to set out all the information lenders want to see. This can really boost your chances of a deal.
I have even known banks refuse funding the first time around. Then when the case is presented again with help from a specialist commercial broker they can change their mind.