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As we enter the recovery phase

Andy Bishop UK Director, Commercial Broker Development Lloyds Banking Group

It feels strange that our ‘new normal’ has already lasted seven months. Looking back it has been inspiring to see how brokers have adapted just as all businesses have had to adapt and equally it is pleasing to see market activity rebound over the summer months with commercial broker activity at Lloyds Bank back to (if not above) pre-COVID levels.

Looking ahead there remain many uncertainties. We know that the government support schemes have a shelf life, and some may have ended by the time you read this article. We know that many businesses that froze their capital repayments will need to unwind those arrangements. We know that vast swathes of businesses have benefitted from a shot in the arm from help, such as furlough or VAT deferral, again all of which will come to an end. At the same time, the external landscape is constantly changing with localised lockdowns and changes to quarantine rules. All these moving parts only increase the difficulty for businesses not only trying to open and get back up and running but also for some to expand, further diversify and invest.

This is where commercial brokers have a key role to play – you are the trusted advisor for your clients and can help them navigate both the challenges and opportunities that lie ahead – whether that be refinancing, restructuring, increasing working capital, purchasing assets or indeed expanding into new areas and markets.

In addition to the support that brokers already provide there are an additional four areas of learning to think about and for businesses to consider when planning and looking for additional or new funding:

Assessing the resilience of the business and its operations to all sorts of shocks;

Thinking about ways in which you can drive productivity through all parts of your business operations;

Reflecting on what opportunities the digital economy represents for your business model, distribution and revenue generation; and

• How we all use this phase to accelerate businesses’ sustainabilityeffortsaswetransitiontoalowcarboneconomy, focussing on building back greener.

So, as we enter the autumn I believe the opportunity for commercial brokers over the coming year will increase as businesses start to plan ahead – as we move into the recovery phase, businesses will be looking to their brokers to provide guidance and reassurance, to be their trusted advisor and to create sustainable financial structures for the long term which enable and ensure there is financial capacity to recover and continue to grow.

We recognise the truly vital role which brokers will play in the coming months and remain committed to supporting you and your clients.

For more information visit lloydsbank.com/businessintermediaries.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.