By 20th March, 2020 News and Events No Comments

COVID 19 – our lenders approach

Any requests for financial assistance need to be accompanied with the information below. We are being advised lenders are sympathetic but as they likely to be inundated with requests the quality and presentation of the information below will be helpful.
• Have they approached their bank and what have they said about being supportive? This is key, if the bank are supporting cash flow then we are more inclined to support.
• They need to have never missed a payment – once in arrears we will not consider a payment holiday.
• What is the rational – eg parts/orders suspended from Europe/China etc.
• What level of impact does this cause to their business? Can you quantify?
• Do they have a plan on how they are going to keep the business trading? Cash flow forecasts?
• We would look at reduced payments rather than NIL, as that keeps us in touch with the customer
• What period of time are they looking for? Consider 3 mths max presently.
• Update MI/Bank Statements/cashflows
• Email their request with the reference ‘COVID19’ this helps these particular requests stand out