As businesses across the country enter what (we hope) are the final stages of lockdown the challenge now is to plan for recovery and growth in the rest of 2021. Last month, Linked Finance was announced as an official lender of the COVID-19 Credit Guarantee Scheme in partnership with the SBCI.
This year, we have already funded over €5 million to Irish SMEs all helping Irish businesses grow their businesses. However, based on conversations we have had with businesses around the country we saw there was uncertainty for business owners over how to approach finance to prepare their business for recovery and growth in 2021.
So, throughout the rest of 2021, we will bring together experts from the world of finance and business in a number of events to help SMEs understand what options they have in terms of finance and how other businesses are coping during COVID.
On February 10th, in partnership with Dublin Chamber of Commerce and the SBCI, we hosted our first live webinar titled Strategies for Business Recovery and Growth in 2021.
The panel discussed strategies and tips for business growth and recovery in 2021, government strategies and supports available to SMEs. The webinar also covered how businesses can access finance such as the Covid-19 Credit Guarantee Scheme.
All panelists discussed the challenges facing businesses but also the relationship they have with borrowing and misconceptions about government funded finance.
Bobby Kerr highlighted the need to “not to run out of cash” as he referred to understanding what options your business have and seeking finance is there to help and not add to the pressure of running a business.
Felim Meade, also provided us with insight into how is running his business during COVID and highlighted the point of speaking to your creditors now and discussing how both parties can work together. Felim said if 90% of your creditors know that they will be consistently repaid in some form they will work with you as they understand the challenges your business is going through.
Finally, John Madiagan from SBCI ran through the various finance schemes available and in particular the COVID-19 Credit Guarantee Scheme. He highlighted the point of using the scheme to assist in refinancing your debt and getting your debt under control, plus the benefit of no personal guarantees required when availing of the Scheme.
If you wish to view the full 35 minute webinar please click here or take a look at our highlights video below.