BFS confirms support measures for businesses during pandemic

SME partner details measures to support businesses

SME partner, Bibby Financial Services (BFS), has confirmed its support for new and existing clients during the global Covid-19 pandemic.

Edward Winterton, UK CEO of BFS said: “We are very much open for business and willing and able to play our part in helping businesses get through this critical time.

“We have written to clients and business partners announcing the measures we have taken to ensure the safety of colleagues and clients alike. We are now detailing some of the actions we are taking, and processes we have in place, to support businesses overcome challenges regarding cashflow, working capital and currency volatility.

“The key is that we are open to business and want to work with SMEs in all sectors to structure facilities which not only help them in the short-term, but also into the future.”

BFS’ dedicated client and new business teams are working to provide:

  • Responsive funding decisions - BFS endeavour to make funding decisions for new applications within 24 hours providing speed of response for prospective clients.
  • Bad debt protection reviews - where required, BFS will undertake bad debt protection reviews for existing clients and on new applications, allowing businesses to understand which debts can be protected against customer insolvency, non-payment or protracted default.
  • Continued support for those trading overseas – funding of export and import debt via specialist Trade and Export Finance teams.
  • Foreign exchange services helping SMEs to protect against currency volatility.
  • Specialist support for subcontractors and construction sector SMEs, financing against contracts, framework agreements and applications for payment.

Speaking of measures announced by the UK Government, Edward said: “The Chancellor has announced a number of measures designed to ensure that businesses can access the credit they require, and to alleviate pressure over the coming weeks and months.

“As both a partner to 12,000 SMEs, and as an employer of over 1,200 colleagues, we recognise the importance of having stable and sustainable sources of working capital.

“We support the measures the Government has taken to date in this regard, and see the Coronavirus Business Interruption Loan Scheme (CBILS) as an important step in helping SMEs at this time.

“In addition to the measures we have announced to enhance our existing processes, our application for CBILS is pending. We hope to become an accredited funder over the coming days, enabling us to bolster our support further at this difficult time for SMEs and the wider economy.”

26 March 2020

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