Even after the end of lock down, COVID-19 will have changed the landscape of global business for good. Businesses throughout the world will need to adapt to new ways of working after COVID-19.
For some, this will mean merely adapting to new ways of interacting with customers. For others, it means raising large amounts of commercial finance in order to fund major changes to operations.
A Brave New World
We are all aware of the usual challenges in seeking finance from lenders when it is needed, rather than when they are offering funds, as they are overloaded with deposits.
The COVID-19 situation has provided all of us, in every industry and every walk of life, with new challenges and new ways of working after COVID-19 that will indeed mean that we are working in a “New World”.
These new Challenges are not restricted to one area of finance but impinge on all areas in some way. Whether it be getting valuers into a business or a property, or whether it’s dealing with new ways of working.
In property, valuations and tenants have changed – valuations are harder to organise with properties having to be empty. Furthermore, with restrictions on international travel and the changing face of employment across the country will this affect the number of tenants in certain employment areas? And will it affect the level of accommodation needed? If there is a recession (hard or soft) will this affect property prices?
In dental terms, the ways of working are definitely more challenging. With restrictions on the number of patients that you can see in a NHS practice, the time lapse between appointments and the need to buy new equipment, clothing, air purifiers etc.
If you can only see a fraction of the patients you were seeing, where will the overflow go? In the NHS, if everyone is working with the same restraints, then there will be no available capacity to mop up this surplus of patients. So, will private clinics benefit from this – is this an opportunity for private clinics to grow their business if they are not subject to all the same restrictions?
With new equipment, clothing, expansion of surgeries etc there is always a cost. Cash flows have been hit hard over the past few months and there may, therefore, be a need to consider borrowing to achieve the new goals of the business.
This need for any borrowing will need to be dealt with sooner rather than later as lenders recover and deal with the workloads of Covid 19 – CBILS loans and Bounce back Loans.
Reviews of current lending would be a first step to see if there is any scope in refinancing the business. Then there will be a need to explore new avenues – asset finance or refinance of buy-to-let properties or second mortgage loans to raise the required funds.
The team at Samera are ready to assist with this review and using our lending contacts we will be able to assist you in obtaining the support that you need now.
For an initial conversation call Nigel Crossman 07715668267 or alternatively visit our website samerafinance.com, input your details and Nigel will call you
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