The recession has forced nearly all SMEs across the UK to make significant cuts
but with early signs of an economic upturn, can businesses in the Midlands be
the first to capitalise on this and strengthen the region’s position as a
leading area of UK business? Offering businesses more economically viable
alternatives to London, cities in the Midlands are well placed to offer more
competitive products and services. However, in order to do so, access to
business funding is imperative.
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Market conditions in 2010 were extremely
challenging and SMEs suffered as a result. A number of high street banks were
forced to review their funding criteria, meaning that many SMEs were refused
funding and some were denied access to loans which had previously been
agreed.
Frustratingly, we’ve heard reports of Midlands businesses being
turned away by their financiers when they should legitimately qualify for
funding. These businesses are getting a raw deal. They are not being considered
according to their individual merits and are been dismissed as untenable or fall
victim to a particular institution’s exposure to certain unfavoured sectors. Our
view is that lenders must meet with business owners to fully understand and
assess their needs, as well as their prospects.
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Last year, there was a
consistent need to deliver solutions where traditional sources of finance could
not. As such, we have seen many businesses across the whole of the Midlands take
advantage of asset-based lending (ABL) and invoice discounting.
Designed
to be flexible financial solutions, ABL and invoice discounting both offer room
for growth and, unlike a traditional overdraft, have fewer limits. In an
unpredictable environment this level of flexibility is vital. Our clients often
require additional working capital to respond to changes within their
businesses. Management buy-outs (MBOs) are a classic example of this. In fact,
because economic uncertainty has led many SME owners to delay their retirement,
we expect to see significant rise in the number of MBOs over the next couple of
years.
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This form of finance is also an excellent way for businesses to
react to demand or opportunities for growth. Very often, our clients want to
purchase new equipment, expand into a different region or acquire other
businesses. With a coherent business strategy in place, SMEs that are
streamlining their operations, responding to opportunities and adapting to
change are the businesses that will flourish post-recession.
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A number of
sectors, including telecoms, are poised for a period of consolidation. Those
companies embarking on ‘buy and build’ strategies are likely to be more
successful if they have a strong, flexible and supportive funding partner behind
them who can move quickly and adapt to the opportunities that present
themselves. ABL can work well in these circumstances either as part of a package
of facilities or on a stand-alone basis. Last year Centric structured deals
across 20 different sectors.
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SMEs account for £1. 48 trillion in terms of
Gross Domestic Product (GDP) so, if economic recovery is going to take place, it
is imperative that these companies are backed.
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