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Two out of five (39%) SMEs state they have adjusted their business plans to reflect the ‘new normal’, with some SMEs even pivoting to an entirely new market in an effort to drive business
One of our invoice finance clients, Didsbury Gin, halted gin production and started making hand sanitiser on a mass scale for the Greater Manchester Police and the NHS. Another invoice finance client Mauveworx, a family-run marketing materials manufacturer based in Dorset, mobilised their resources to produce urgently needed PPE, to support the NHS in their fight against COVID-19. These stories epitomise the entrepreneurial spirit and innovative thinking that we are proud to champion at Aldermore. During these extraordinary times, it’s encouraging to see such resilience and creativity from SMEs. At Aldermore, we are utterly focussed on ensuring colleagues, brokers and SME customers have the backing they need during this crisis. We are constantly looking at new ways or areas where we can help. Aldermore offers both the asset finance and invoice finance variant of the Coronavirus Business Interruption Loan Scheme
(CBILS). By training a large number of our intermediary partners on the intricacies of our CBILS offering, we have managed to support more businesses with the assets they need. Alongside CBILS, in asset finance we fast tracked the launch of our online broker portal, Asset Backer, to all our intermediaries. The new portal provides a paperless end-to-end process, with electronic proposals, documents and signatures, enabling intermediaries to comply with social distancing measures without hindering business. As a bank born out of the last financial crisis, we know the road ahead will be a difficult one. Businesses across the country have shown tremendous perseverance throughout this crisis and Aldermore will continue to support them with additional funding and services wherever needed.
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