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Despite the brilliant set of packages that the Government has set up to support businesses during the current crisis, there are still a few options available for business owners if the support available isn’t enough or isn’t available quickly enough. The team at Thames Valley Asset Finance has been very busy having conversations with our customers about the hidden assets that they might have in their balance sheet that could make all the difference to the success of your business as we emerge from ‘lockdown’ and prepare for a new normal.
You might want to refer back to our previous blog (insert link) about the different options available via the Government schemes, but there’s other ways to inject cash in to your business if you’re concerned about the market picking up as quickly as you need it to.
The first step is to keep as much cash in your business as possible, so defer any payments that you can, look at using the Coronavirus Job Retention Scheme (Furlough) and defer your VAT and PAYE payments if you’re able to do so.
Whilst it is great that the Government are backing overdrafts and low interest bank loans, you might be better off refinancing some of the assets that your business already has. In simple terms, refinancing means you ‘sell’ the asset back to the lender but continue to use it, you just pay it back over an agreed monthly term. The benefit is that you get the cash injection your business needs, but you can continue to use the asset to run your business.
Refinancing might work for you if you have:
What are the benefits of refinancing?
If you refinance your assets, you’ll be able to benefit from a quick cash injection into your business. The banks and various schemes are inundated with requests at the moment, so if speed is of the essence for you, get in touch with the Thames Valley Asset Finance team and we’ll be able to arrange an independent valuation with one of our panel of lenders, who provide this type of finance specific to your industry.
Thames Valley Asset Finance has helped several our clients to refinance their assets. These examples are all pre-Coronavirus but the principle was the same – they all needed a cash injection into their business.
Client 1: Using a fleet of buses to fund business acquisition
One of our clients had a bus company and wanted to grow his business through acquisition. We set up a deal where he used the bus fleet from his new business to fund the acquisition. Find out how we arranged this.
Client 2: Restructure of asset finance to inject cashflow into business
This client had been adversely affected by the typical British weather, so couldn’t meet his contractual obligations of white lining the motorways. We restructured his asset finance to release some equity from assets that he almost owned outright. This allowed him to inject cash into his business and lower his monthly costs at the same time. Find out more about refinancing assets here.
The Thames Valley Asset Finance team can help you to understand more about refinancing. Check out the Refinancing loans page on our website or call the team on 01635 785 400.