Since the start of the pandemic the majority of brokers have seen reductions in the financing products available from lenders. Close to 90% of brokers believe the most affected in 2021 will be commercial mortgages, unsecured loans and secured facilities.
Why is this likely to happen? There has been a lot of lending over 2020, but the majority of lending capacity has been restricted to CBILS and BBLS (Both replaced by the Recovery Loan Scheme from 6 April 2021)
What does it mean for SMEs? SMEs can still get finance! ASC know which lenders are approving funding for your future projects and we are still completing successful loans for our clients.
Alison Hunter from our ASC office in Scotland comments “Throughout the pandemic we have worked closely with clients across Scotland to help them secure funding in what has been an extremely challenging lending landscape. These challenges are likely to remain for some time, making the quality of presentation of a case and knowledge of lenders even more important to achieving a successful outcome.”
We don’t work for the banks; we work for our clients. Please get in touch to secure lending for your business, ASC would be delighted to help!