Last year, we shared advice as we approached the 12-month anniversary of the first CBILS’ (Coronavirus Business Interruption Loan Scheme) and BBLs (Bounce Back Loans) being taken out. A whole heap of developments came into place when the world realised that the coronavirus pandemic was not going to be short-lived.

Ultimately though 1.4 million businesses took out finance they hadn’t planned for nor were they able to start repaying as restricted trading conditions continued. New repayment options came into the mix including Pay as You Grow but the original finance challenge remains: arrears mounting up from all angles and historic trading levels not returning.

The financial gap still exists for many

Although 2022 has been more stable from the public health perspective (dare we say normal) compared to the last two years, the financial gap has not magically been bridged. In fact in a lot of cases it’s worse with the increase in energy prices and cost of living in general. Repayment dates have been kicked further down the line but there is a limit to how far they can be stretched. Creditors will need to be paid and they will start to apply pressure, if they haven’t done so already.

What we’re observing now is more people talking to us having realised:

• They can no longer defer repayments
• They will struggle to fund repayments
• They are unable to repay what they owe

Being in any of these difficult situations it doesn’t mean it’s the end of the company. Options exist but the longer problems are ignored, those options start to close off.

How to spot a business who may benefit from an introduction to TruSolv

There isn’t a definitive profile of a business owner that needs help, but they may continue looking for other avenues of support to ease the pressure on their finances. In the moment, they may feel like logical decisions to make. They too want to support the creditors they’ve worked with for many years, who are also struggling, and they want to protect the staff they employ.

Some businesses may have experienced periods of recovery and growth over the last two years, and genuinely believe their luck is about to turn once again.

Our experience shows that those who may benefit from a conversation with TruSolv have:

• Taken out a BBL
• Are considering a personal loan
• Are self employed or a director of a business

How do you broach the subject of introducing them to TruSolv?

Our Business Development Manager Coran speaks to business owners every day. Here’s what she had to say about how to broach the subject of introducing someone to TruSolv.

“Spend five minutes in my company and you’ll soon notice that underneath my infectious smile, there’s 20 years’ experience helping businesses and individuals with their finances. I bring this together with compassion and a deep sense of understanding that these first conversations are sometimes not easy.

Once we’ve spoken, my priority becomes the person you’re concerned about and their business. I will call them, listen to their concerns, reassure them and most importantly ask the right questions to understand the intricacies of their situation in full. At this point, I share the details with my colleague Matt Hoy, one of the insolvency practitioners in our team, who has over 15 years’ experience in helping business owners in financial distress. From here, Matt will be introduced to your contact. It’s his role to discuss the options available and offer advice.

You and your contact can be assured that we’re not here to judge; we’re here to help. Seeking professional advice can be daunting but we’re sympathetic and understand this isn’t a situation you expected to find yourself in. You will get qualified advice when you need it most.”

Call the team today on 0808 196 8676 or email help@trusolv.co.uk