We are in July 2020 and we are going to think about industries that lenders are looking at in a positive way during the current economic climate.
The reason I wanted to discuss this is because of my experiences and conversations I’ve had with not only companies, but lenders as well.
What kinds of industries have you been speaking to?
There are trade customers who have been open every single day of the lockdown. Even if that means on a skeleton staff and not at 100% capacity lenders will still see a constant stream of income coming through their bank statements and turnover. So that’s going to make them a lot more favourable for lenders. This includes builders and merchants.
In addition businesses within food, wholesale and health care industries have seen huge success in trading. They have been open and working throughout this period. One of the main reasons this type of company has been getting in touch with us has been down to cash flow or stocks. Where the distribution has been down across the UK and they haven’t been able to quite get the right resources at that time and have had to kind of bulk buy, they’ve needed some funding at that point. That’s been a major point.
But funnily enough, there have been a couple clients that I’ve spoken to that have really focused on expansion and have done so well over this period. Those companies I have spoken to have almost doubled their turnover within these specific industries. So they’re looking to expand to purchase new properties. It’s obviously a sensitive time for lots of people. But for them, it’s been successful.
Businesses with a really strong online sales function have been doing very well because people have not been able to go out, they have switched their spending online.
Why borrow in this climate?
Merchants, food wholesalers, healthcare industries. The interest rates for these type of people are going to be great because lenders are happy to lend with their trading history. There’s no huge risk factor involved with companies like that. If you’re part of that and are looking for cash, stocks or assets, if you’re in that really lucky position to be able to expand and get in touch.
We can have that conversation on how we might be able to help. If you’ve got a good business plan, good proposition. I’ve only mentioned a few types of industries but, any organisations that I’ve been able to stay open during this time and can show within bank statements, order books and things like that, which is obviously the criteria lenders ask for. Get in touch because these are favourable times for organisations like yourselves.
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