Local businesses navigating funding options support during the Coronavirus pandemic need to do their homework to help them gain access to the schemes best suited to their needs.
Sussex-based chartered accountants and business advisers, MHA Carpenter Box, say that too many companies are unsure as to which scheme is best for their business. They find businesses also hit the buffers early in the application process because they haven't got everything to hand at the outset.
The firm launched a new Funding Team last year and, along with its dedicated Coronavirus resource hub, is now providing independent advice on the finance options available. The team can help, whether it's the new interest free small business loans backed 100% by government, Business Interruption Loan Schemes, corporate financing facility, grant funding, the Coronavirus Future Fund or loans and grants from Innovate UK.
Charlie Eve, the Business Services Partner leading the team, commented: "The government is providing unprecedented support for business during this crisis, but it is vital that directors and company owners not only fully assess which schemes are best suited to their needs - and prepare what is needed for the application - but that they also understand any personal and business obligations they are entering into.
"It can be easy to make mistakes under pressure - and having access to independent, expert advice can help not just in selecting the best support option but in collating and presenting the information needed for the application process."
This can include cashflow, profit and loss and balance sheet forecasts, historic trading performance and perhaps a business plan.
"It's also very important that directors and business owners are aware of the guarantees and liabilities linked to any of the funding facilities, including specific criteria such as matched funding and loan conversions to equity as well as interest rates," said Charlie.
"These are generous support programmes and many companies need access to them quickly to ensure business continuity, but at the same time it is important to enter into these arrangements with eyes wide open."
For further information please refer to MHA Carpenter Box's dedicated Coronavirus business information hub on its website available via www.carpenterbox.com/coronavirus .
