As many businesses struggle through the current pandemic it is encouraging to know that there are some options out there to help keep businesses afloat through these difficult times.
One of the solutions is the Coronavirus Business Interruption Loan Scheme, which enables SMEs to access loans of up to £5 million to be repaid within 6 years and is available through 40 accredited lenders.
However, Stockport based C&C Healthcare are reminding business owners of the importance in not rushing into any borrowing without making sure they have considered all options and fully understand the implications it may have in the future beyond the current pandemic.
C&C Healthcare’s Lee Southwood explains:
“If you have decided that the Business Interruption Scheme is the right road for you then it is important that you understand that, as a business owner, if you were to experience any critical illness or death during the repayment period then it could have serious implications for the business.
“A loan protection policy can be put in place to ensure that there is a pay-out of the necessary funds to repay the loan if you were to experience such circumstances.
“Your healthcare insurance provider can provide the guidance and advice you need to help you make informed decisions about how you move forward in these difficult times and make sure you and your businesses are protected.
“Or I and the team at C&C Healthcare are happy to discuss your requirements to advise you of the right protection you will need to put in place to ensure your business doesn’t run into any further financial difficulties if the worst were to happen.”
Expert Opinion provided by Lee Southwood, C&C Healthcare