Business leaders will need to act quickly should they need to access “emergency finance”
Given the current situation businesses in economically exposed sectors may require immediate “emergency finance” to keep the doors open.
The Department of Business, Enterprise and Innovation announced a number of supports for businesses facing the challenges presented by the current Covid-19 situation.
These include the Credit Guarantee Scheme to SMEs subject to the relevant terms and conditions. Separately the SBCI is currently working to finalise the SBCI COVID19 Working Capital Scheme and the eligibility application process for access to this scheme.
In addition, Enterprise Ireland (EI) has several supports available to help businesses mitigate the impact of Covid-19. We attach EI’s Business Response Plan which outlines their available supports for business.
What are the challenges?
We know from talking to clients that there are real and present challenges for SME’s and MSE’s. In particular:
- Making an application for emergency support finance on time; We believe it is vital to make an early decision when considering when to apply for emergency support finance. A cash-crisis might quickly present itself and being ahead of the curve is vital.
- Knowing what level of finance, you require: Don’t go through the pain of financing just to find it is not adequate for your needs or to meet this unique challenge. Our team will help with the analysis and set you on track.
- Navigating the Bank and Finance institutions: Knowing the application process, who to contact and where to plant the application within the bank to ensure that it can be dealt with on a timely basis is of critical importance. Our team have the vital relationships to help you understand the best source of finance and to navigate the approval process effectively and efficiently
- Knowing how to present an application: There is a requirement for business to have up to date financial information available to support an application. Our advisory team have the experience to help you structure your application with the information required and in the right format.
We know there will be a significant increase in enquiries to banks and there is a likelihood that it will bring huge pressure on resources. With our support we can ensure your application navigates the process in the most efficient manner possible in the circumstances.
What you should do?
- First things first, as soon as possible contact your banking relationship person to understand the application requirements and to clearly understand their current application process
- As soon as possible flag when immediate finance is required
- Have all information in support of an application readily available and ensure your financial information is as up to date as possible
Talk to Smith and Williamson as soon as possible. We will:
- Assist you in the preparation of your application
- Ensure you have all the supporting documentation and financial information you require
- Navigate the banking system to expedite your finance application
This situation is evolving and moving at pace and the Government and the banks will continue to develop solutions and supports. We are informing ourselves and ensuring we have the latest information for our clients.
Contact your lead Partner or Con Casey directly for more information on how we can help.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of publication.