Convertibill® have been supporting front line healthcare services, providing millions of Euro in funding to our clients in that sector over the past two months. Millions of Euro in further funding has been provided to our clients in food and retail since the beginning of February.
Are Businesses Getting Enough Support?
In the current economic climate, there is enormous pressure on businesses dealing with severely reduced income and cash flow. As Covid-19 continues to damage our economy, many micro to medium sized businesses are finding government emergency support is simply not enough. The rigid lending model offered by banks can be problematic at the best of times, leaving a lot of business owners scratching their heads while trying to navigate through this crisis. With frustration growing, many business owners feel they are being left in an impossible situation, and that the government are failing in their duties to protect them.
Supporting the Front Line
Construction, hospitality, food and retail have been hit especially hard by lock down measures. With talk of restrictions being relaxed come May 5th, thoughts turn to rebuilding the economy. While there are some government supports being offered, much more will be required to get businesses back on their feet and ready to start trading again. This is where Convertibill® can help.
While many industries have been partially or fully shutdown, essential front line services such as healthcare and the grocery trade continue to operate, under enormous stress brought by Covid 19 restrictions. These sectors are stretched to their limits already; March 2020 saw the highest levels of grocery sales in Irish history. Convertibill® continue to support front line healthcare services, by providing much needed working capital to nursing homes, home care providers and vast array of suppliers to the Health Service Executive with millions of Euro provided in funding over the past few weeks.
Food and retail outlets have been hit hard also, Convertibill® has provided millions of Euro in further funding to the suppliers in this sector. We are extremely grateful to the front line staff that are providing these essential services, and are committed to working with clients to form flexible and affordable working capital facilities. We all have a part to play in beating this crisis, and Convertibill® are committed to help clients rebuild their businesses, returning to ‘business as usual’ and beyond.
Convertibill® Alternatives to Bank Lending?
Below are some alternative finance options provided by Convertibill®, that have proven extremely beneficial to clients across a range of sectors, including retail and construction.
Trade Finance pays for stock that is subsequently repaid from the receivables of that stock. This facility is particularly useful for retailers who are struggling to match supply with demand. Businesses often place many small orders with their suppliers rather than a few large ones, because they don’t have the cash flow to fund larger orders. Unfortunately they miss out on discounts and benefits associated with larger bulk orders. To learn how Convertibill® Trade Finance could work for your business, click here.
Asset Finance is used to purchase assets that are repaid by installments using a lease or hire agreement. This model has proved extremely useful to clients in the construction industry for example. With lock down measures due to ease off in the coming months, there will be huge demand for cash injection into the sector, to kick start the recovery. To learn how Convertibill® Asset finance could help you rebuild, click here.
We are also offering emergency financial support during these testing times. For any queries as to how we may be able to help your business, contact us here by making an appointment to speak with a member of our dedicated team.
Planning Ahead Post Lock Down
A solid financial plan is essential to any business hoping to rebuild post lock down. Determining your short and long-term financial goals and creating a balanced plan to meet those goals is key to success. Convertibill® can help facilitate those goals through our range of flexible finance options.
If you would like to hear more about how Convertibill® can work with you to achieve short to long term goals, get in touch and speak with a dedicated member of our team, who will talk through every aspect of our process with you.
Finally, we would like to extend our continued gratitude and support to all front line businesses and workers for the fantastic work they continue to do. Our goal is to help clients to survive and rebuild, our success is based entirely on yours.