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Specialist lender Together has completed on a short-term property transaction at rapid pace from initial application to funds drawn.

The case was brought to the lender by intermediary Goodman Corporate Finance, which had been approached by a local trading business. This customer required urgent working capital due to a transaction being held up in legal discussions.

Goodman, understanding the importance of speed in these circumstances, turned to Together; knowing that the Cheadle-based lender was one of the few who would be able to help with such a tight deadline.

After connecting with Together’s expert underwriting team, terms were issued and agreed fast. The Cheadle-based lender knew that the business had a strong background, and were able to move quickly to help them.

Roxanne, Managing Director at Goodman Corporate Finance commented: “working with the team at Together on this was nothing short of brilliant. They pulled together the legal instruction quickly and were always available with updates.

“The client is delighted that as a collective we could provide what we set out to and the business has the working capital it needs to continue on its growth plans.”

Marc Goldberg, CEO Commercial Finance at Together, said: “We are delighted to have been able to help Goodman and their customer achieve the finance they needed in such a tricky timeframe.

“At Together, we place a huge emphasis on helping our partners and customers achieve the finance they need, when they need it. This is an excellent example of how, as a team, we could work with Goodman to achieve the right outcome for all parties involved.”

Goodman Corporate Finance, a multi award winning national commercial finance brokerage has today announced two female promotions within its business.

Roxanne Goodman is promoted to Managing Director. Paul Goodman; Chair of Goodman Financial Group said, Roxanne has acted as our Compliance Director for a number of years now, during which time she has created a bespoke, marketing leading CRM and compliance system which forms the foundation of our business”.

Paul continued, “Roxanne is the epitome of the business ethos of being solution driven, not commission driven. Roxanne has the drive, integrity, and vision to take Goodman’s to the next level”.

Roxanne commented, “I am honoured to have been asked to step up to the role of MD. Paul has spent 17 years building this business from scratch. I have worked hard alongside Paul as Director for the last 10 years helping build the brand based on honesty, integrity and “doing the right thing” and my bespoke systems and processes are key to that. I cannot wait to put into place my plans for business development and diversification”.

Jane Bexton is also promoted to Director of Finance, recognition of her long-standing commitment to the business and the need to have greater accountability as the business continues to grow.

As a signatory on the Investing in Women Code and the Women in Finance Charter, this shows a continued commitment from Goodman’s to supporting greater diversity in the industry and SME’s across the UK.

Founder, Paul Goodman moves permanently to the position of Chair of Goodman Financial Group, where he will continue to give strategic vision and support to Roxanne, the wider team, and the other group investments.

women in finance focus

The Women in Finance Annual Review 2022 offers a unique insight into what Charter signatory firms – from across financial services – are doing to boost the proportion of women in senior leadership.

Its is hoped signatories will use the findings to improve their understanding of best practices around the principles of the Charter. The data provides important benchmarking for signatories and non-signatories alike. You can download a copy of the review here.

Highlights of the review

1. Meeting targets: A third (34%) of the 235 signatories analysed in this review have met their targets for female representation in senior management, and a further 47% that have targets with future deadlines said they are on track to meet them.

2. Bounce back from 2021: After a plateau in progress in 2021 (when the average level of female representation remained flat at 33%), signatories have recovered lost ground, reaching an average of 35% in 2022.

3. Leaders breaking through 40%: For the first time, the top quarter of firms (52) signed up to the Charter that conduct regulated financial activities have achieved at least 40% female representation in senior management. But the gap between the top and bottom quartile is getting wider and is clearly split along sector lines – with building societies and UK banks at the top and global/ investment banks and asset managers at the bottom.

4. Fewer misses in 2022: Of the 73 signatories with a 2022 deadline, 44 hit their targets and the remaining 29 missed, down from 31 in 2021. Of the 29 that missed, 22 were close – either within five percentage points or five appointments of hitting their target.

5. Data and hybrid core to actions: The 2022 reporting shows a significant shift in how signatories are using data to monitor actions undertaken to pursue targets and to understand their impact, particularly hybrid working. Post-pandemic, 91% of signatories are exploring some form of hybrid working, and more of them are on the lookout for potential negative impacts on women.

6. Rapid expansion of diversity data: Signatories are extending diversity data collection, with 80% capturing additional diversity data about their female senior managers, up from 53% in 2020. Ethnicity, sexual orientation, and disability are the most commonly collected data points. However, most firms are at the early stages of analysing this expanded dataset.

7. Accountable at the top table: Accountability is sitting at the highest levels of seniority, with almost all (98%) accountable executives (AE) sitting on the executive committee. AEs are taking an increasingly strategic approach, and their role is expanding by adding diversity strands and/or new topic areas, such as gender pay gap reporting and flexible working.

8. Linking to pay: More signatories are finding the link between diversity targets and pay is making a difference, with 64% reporting that they believe the link to pay has been effective, up from 53% in 2021. Having a link to pay means diversity is increasingly positioned as a business issue, rather than voluntary or owned and led by HR and D&I teams.

9. Strong ambition on targets: Half of signatories (50%) have set a target of at least 40%, corresponding with HM Treasury’s desire for alignment with the FTSE Women Leaders review, including one in six with a target of parity. Average targets rose across all signatory sectors and sizes.

10. Publishing updates: Publishing progress is the only Charter principle that has not consistently improved over the years. While 77% of signatories posted an online update on their progress by the required deadline, only 36% included the required details, and the quality and format of reporting varied significantly.#

Here at Goodman, our reporting date has been set at September 2023 to meet your gender diversity targets which were agreed by the Board when we joined the Charter. For more on this click here 

To celebrate International Women’s Day I invited five of my female colleagues in the commercial finance industry to answer five questions regarding their experiences of gender equality and opportunities in our sector.

  • Gemma Heath – Associate Director for Lloyds Commercial Finance
  • Martine Catton – Non Executive Director supporting several businesses
  • Leeann Nash – Sales Director at Currencies Direct
  • Angela Norman – Head of Corporate Development at Recognise Bank
  • Phoebe Sellars – Business Development Manager at Bridge Help

You can read the full feature piece here (the link will open up a pdf feature)

International Women’s Day Feature

My aim was to try and demonstrate the equality issues we face as women in commercial finance and to raise awareness for the two key campaigns we are proud to support:

I was blown away by the ladies honesty and want to say a massive thank you to each of them for taking the time to contribute for me. Its clear there is work to be done but if we continue to raise awareness of these issues we as a collective can provide the support and understanding to develop equality across the commercial finance industry.

 

 

This month Stefan Radymski, our group sales director and board director, answers some of our burning questions on the challenges being faced by the commercial finance market and why he prefers broking to lending!

 

 

The first of our new regular feature “Focus On….”

As the new Consumer Duty regulations continue to be implemented across the commercial finance sector, our Board have agreed and begun the process of reviewing our lender panel. This will ensure that our offering is fit for purpose and provides our clients the reassurance that they are being offered the most appropriate funding options.

Our current panel boats over 300 lenders, however as our commitment to the Consumer Duty journey, we have agreed a process to conduct a review of these lenders to ensure that they are working to the guidelines the FCA have set out to protect our clients from any potential financial harm and produce positive outcomes. The four outcomes in the Duty relate to:

  • products and services
  • price and value
  • consumer understanding
  • consumer support

We have built a robust plan to allow us to meet the timescales set by the FCA and to allow our customers to make effective decisions based on products that provide fair value. Lenders will be expected to provide us with a suite of documents that demonstrate their target market for each product and justification of fair pricing and value for customers and any risks associated.

We have scheduled the first handful of lender meetings where we will review their lending criteria and discuss any pressing issues regards their products and services that may affect both new clients and existing customers.

If you would like to discuss any element of commercial finance for yourself or a client then please get in touch here and we would be more than happy to help.

Last week we had a visit from our NACFB Compliance Auditor. I not going to lie, I was nervous!  Compliance is a crucial part of my day, a huge part of the way we run the business and maintain our regulatory position as a Principle firm.

Weeks of planning and prepping was all down to a 2 hour slot of time in which I was going to be (in my mind) interviewed, questioned and grilled like a school kid in the head teachers office. However, this was far from the reality.

Erica was thorough, but professional and very knowledgeable. I was asked a series of questions on the different elements of the audit, regards the AR’s on our register and the process for handling data, clients and lenders on panel. Having built our systems and processes from scratch myself this was all easy to answer and my document files as back up evidence.

The afternoon passed by with a couple of laughs (my watch actually told me to remember to breathe at one point) and away she went. I did shed a small tear, maybe from relief or exhaustion I’m not sure.

The report came through promptly the next day, A1 status and 100% pass rate! I was thrilled. This is by no means the end of the compliance journey for me though this month.

The AR Regime reporting window is open for us and we have to complete our status report by 28th February, which is already well underway.

Consumer Duty is also looming around the corner. All plans had to be documented last year and we are in the process of implementing the new systems and processes into our daily routines. I am trying to make sure that all this doesn’t impact the work load for our AR’s as they are best doing their day jobs, and no one likes extra paperwork!

Compliance is an ongoing process, with ever changing regulations. We will continue to lead from the front and develop our systems to remain “best in class”

Welcome to the December edition of our “burning questions”, our monthly interview with a key member of our industry.

This month our very own Sam Lewis is answering questions on what it takes to be a great commercial finance broker, and compares being a broker to a banker!

 

If you’d like to feature in a future edition, our ask a “burning question” then get in touch with Roxanne on roxnane@goodmancorporate.com

Popular business publication Business Leader has run an inspiring feature on the Top 32 Non-executive Directors in the UK, and our very own Paul Goodman is included in this as his role as NACFB Chair.  

Paul says “Humbled but absolutely delighted to be included in the top 32 NED’s in the UK as listed by Business Leader magazine, this month. Being part of the NACFB board over the last 11 years, there has been a lot of blood, sweat and tears shed through sheer determination and drive to succeed. There is no “I” in team, so I am lucky to have been and continue to be surrounded by the best people in our industry.” 

Business Leader is a national media outlet and is a media platform for ambitious entrepreneurs. Two print editions are published – a Southwest version that covers Bristol, North Somerset, Bath, Somerset and Gloucestershire and a national edition that covers the rest of England and Wales. The features starts on page 39 and you can view the magazine here Business Leader Magazine: December/January 2023 by Business Leader Magazine – Issuu

 

burning questions cover

Welcome to our new feature “burning questions”, a monthly interview with a key member of our industry where we’ll be grilling them for their thoughts on the current financial climate, predictions and advice.

This month features our very our MD Paul Goodman, who is also the Chair of our trade association the NACFB.

Paul answers questions on when is the right time to expand, how business owners are feeling with the highest interest rates for 14 years, and whether he thinks UK SME can battle its way through another recession.

If you’d like to feature in a future edition, our ask a “burning question” then get in touch with Roxanne on roxnane@goodmancorporate.com

greenwashing

The Financial Conduct Authority, our governing body, has proposed a new package of measures to restrict how lenders and providers can label products and services using terms such as “green “ESG” and sustainable”. This is to clamp down on the number of mis-leading claims with regards to green credentials that lenders may be offering.

Greenwashing is a form of advertising or marketing spin in which green PR and green marketing are deceptively used to persuade the public that an organization’s products, aims and policies are environmentally friendly. 

Critics of the practice suggest the rise of greenwashing, paired with ineffective regulation, contributes to consumer scepticism of all green claims, and diminishes the power of the consumer to drive companies toward greener manufacturing processes and business operations.

While greenwashing is not new, it has increased in recent years to meet consumer demand for environmentally friendly goods and services. 

The full article can be read here

We will monitor the report’s findings and ensure that our lender panel and their products continue to meet the needs of our clients, in line with our ongoing Consumer Duty procedures.

Our own business ESG strategy is monitored using Eevery. This software allows us to monitor, measure and improve our ESG performance. As part of our continued commitment to our clients, we have negotiated a discount for our clients who sign up to Eevery. If you would like more information on this, please get in touch here 

bridge help

Bridge Help has been welcomed to the lending panel in September to provide our client base with further options when sourcing finance for their property needs in England and Wales.

A specialist in bespoke packages tailored to meet non-standard requirements, Bridge Help offers a range of short-term commercial property bridging finance as well as refinance for loans with existing lenders.

Chris Sellars, Chief Executive and General Counsel of Bridge Help explained: “We put our people at the heart of everything we do. A computer doesn’t make the decision at Bridge Help, people do and it’s one of the reasons we have become known as a complex loan specialist because we’ll find solutions and lend money where other lenders will not.

 “We have built a trusted team here – from direct employees, a national network of valuers and a partnership with a specialist commercial property solicitor, who all share our commitment to finding solutions and doing things properly and quickly, that’s why we don’t believe in having headline rates with hidden fees to lure people in.”

Providing between 65% – 75% of the Open Market Value (OMV) for residential (Buy-to-Let) commercial, semi-commercial properties, Bridge Help provides short term finance across four key products:

Auction finance

Short term loans geared specifically towards the acquisition of property and similar assets at auction.  their in-house expert team work to auction timescales enabling borrowers to move swiftly and decisively to successfully complete a deal.

Acquisition finance

Bridge Help’s acquisition finance is specifically designed for property developers who need short-term financial support to get their commercial property development project off the ground.

Commercial property finance

Bridge Help’s commercial property finance is designed to allow borrowers access capital quickly and easily. Lent against the security of office buildings, industrial premises, mixed-use portfolios, land with planning and residential investments for purchase, Bridge Help also offers funding to refinance or unlock working capital.

Buy-to-Let finance

Starting from just 0.85% per month, Bridge Help’s Buy-to-Let finance provides borrowers with a vital bridge between the initial property acquisition to obtaining a long-term mortgage or moving a property portfolio to a limited company to mitigate the changes to Tax Relief. Bridge Help’s specialist team can help Buy-to-Let investors continue to enjoy tax breaks on their property portfolio.

Having spoken to Phoebe, the Business Development Manager at Bridge Help who will be working with us here at Goodman Corporate, it’s clear relationships are important to them as all enquiries are assigned to a dedicated member of the team at the initial stage. Bridge Help has committed to providing flexible, innovative, and transparent finance products, which aligns with our ethos here at Goodman Corporate, as we have committed to complete transparency in declaration of our commissions and fees some time ago.

Paul Goodman our MD commented:

“It’s refreshing to be approached by a lender offering their commitment to a transparent fee structure, in line with our own best practices.”

Phoebe Sellars added:

“I’m delighted to be working with the team at Goodman Corporate. It’s brilliant to be working with such a well-respected broker. They have some fantastic clients and I can’t wait to get some deals over the line for them.”

If you or your clients have any property finance requirements please get in touch with us here 

 

Last Friday saw 15 winners take home their prestigious trophies from Edgbaston Cricket ground at the NACFB Commercial Broker Awards 2022. The event was established to recognise the broking excellence amongst the NACFB’s broker members.

Our Paul Goodman was hosting the event as the NACFB Chair but was honoured to collect the award on behalf of the business for Invoice Discounting and Factoring Broker of the Year!

Paul Goodman commented on the award. “I am humbled to have received this honour on behalf of the team.  It’s goes without saying Stefan Radymski is Mr Invoice Finance supported in the office with Roxanne Goodman and Jane Bexton. There is definitely no “I” in team and I am extremely fortunate to be surrounded by a group of like minded professionals putting clients at the centre of everything they do.

He added

“It is great for the team to be rewarded for doing what they do best, providing the right finance to help SME’s thrive. £302,779,701 facilitated in the 12 months to July 22.”

The award was sponsored by NACFB Patron lender Ultimate Finance. Adrian Stalley, Head of Partnerships at Ultimate added “Honoured to recognise the many great Commercial Finance Brokers in our industry who do such an excellent job supporting SME businesses, particularly at this time.

Congratulations to Paul Goodman and the team at Goodman Corporate Finance for winning Factoring & Invoice Discounting Broker of the Year at the fabulous NACFB Commercial Broker Awards”

Congratulations to all those nominated across the 15 categories and we look forward to the next event in the NACFB calendar, the Gala Dinner in November!

If we can be of any assistance to your business, either with invoice discounting or any of our corporate finance services then please do get in touch here and one of the team would be happy to support.

The Rose Review was highlighted in our recent ‘Investing in Women’ campaign by Roxanne Goodman, but what actually is it and what does it mean for UK SMEs?

In 2019 the Treasury commissioned Alison Rose,the  Deputy CEO of NatWest Holdings and CEO, Commercial & Private Banking, to lead an independent review into female entrepreneurship within the United Kingdom.

To summarize, Rose highlighted the barriers that were faced by female entrepreneurs in starting and growing businesses, and Rose also provided suggestions to unlock this untapped talent. You can read the full review with all of Rose’s analyses and recommendations, here.

The Government responded to this review by announcing their ambition to increase the number of female entrepreneurs by half by 2030, this would be equivalent to roughly 600,000 additional entrepreneurs. 

Rose Review Progress Report 2022:

The 2022 report set out the full extent of the progress made since the initial report in 2019. The report outlined that female led businesses still need extra support in order to survive and thrive. The original review highlighted that if women scaled businesses at the same rate as men then up to £250bn of new value could be added to the UK economy. 

So far, around 134 institutions with an investment power of almost £1 trillion have signed up to the investing in women code. This is a commitment by those in the financial services sector to improve female entrepreneurs’ access to funding, resources, and tools. Those in the financial services sector collect and report on data relating to female led firms.

You can read more information on this here.

The investing in women code:

Our organisation is a proud signatory to the Investing in Women Code, and commits to adopting internal practices to improve female entrepreneurs’ access to finance, tools, and resources they need to grow their businesses.

Goodman Corporate Finance is committed to a culture of inclusion and to advancing access to capital for female entrepreneurs.

A diverse and inclusive business ecosystem is good for customers, entrepreneurs, businesses, investors, and society. BEIS and the signatory firms share a commitment to work in partnership to make the United Kingdom one of the most attractive countries in the world to start and grow a business by advancing female entrepreneurship.

The Investing in Women Code recognises that there is already valuable work underway by individual organisations to help women who are seeking to start or scale up their businesses. Signatories to the Investing in Women Code aim to build on this work.

Investing In Women

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Brexit 2022

Brexit in 2022:

With the current socio-economic climate in Britain surrounding the cost of living crisis, labour shortages, delays for travel to European countries, and strike action, many people have been analysing to what extent Brexit plays a role in these crises. A growing rhetoric of ‘will Brexit ever end?’ and ‘could Brexit be cancelled?’ can be heard from the general public who are seemingly more and more discontent with the socio-economic situation that is unravelling within the country.

Brexit and Business:

Political uncertainty and difficulties trading due to Brexit are seeing UK Business leaders slash their investment plans, many are now pessimistic about the economic outlook.

According to this piece by the Guardian, it is now predicted that “as many firms are now planning to cut investment as to increase it” this is taken from the Institute of Directors’ latest poll, this is the weakest reading since October 2020.

The rate of economic growth in Britain has slowed along with rising input costs, socio-economic conditions are having negative impacts on many organisations and the soaring energy costs only worsen the burden faced by many.

With inflation also at a 40-year high, many cite this as a common reason for uncertainty and pessimism. According to the Guardian, almost 20% of pessimistic bosses said trading relationship difficulties with the EU was a main worry as well as custom checks and delays being introduced at the border.

Brexit and Food (A case study):

The Financial Times ran an interesting story on the 31st of July, titled “How the great British sandwich trade was derailed by Brexit, Covid and inflation.”.  This article explores how trends in immigration due to Brexit and trends in working from home have caused negative impacts on the sandwich trade within Britain. 

The industry saw its speedy growth as a result of increasing disposable incomes, more women in work, and cheap labour from Europe. Since the impact of the pandemic and Brexit however, it has been hit with labour shortages, degrading economic outlook and delays in trade.

When Brexit was officially pushed through the House of Commons, Britain shut its doors to the free movement of EU citizens as well as leaving the single market. In the current climate, production workers are declining in number. The pressure added from inflation has also affected the industry.

Now the packaged sandwich industry has lost its supply of readily available and cheap labour when previously, EU nationals accounted for more than one-third of the industry workforce according to the Food and Drink Federation. Furthermore, the points-based immigration system as introduced by the Conservative Party in 2021 halted the free flow of lower-paid labour.

Brexit and Bands (a case study):

Brexit is also having a negative impact on the leisure and tourism sectors, perhaps in even more ways than you might think. While it has been widely reported about the delays for holidaymakers in France, the UK’s departure from the European Union is also reducing the number of bands that come here to perform at festivals and gigs. 

The implementation of Brexit policy has brought about unexpected barriers for festival planners and goers in the UK, one of the main concerns for bands is that they now need what is called a carnet, this is an international customs document to go between the EU and UK with all of their equipment. EU bands also face the same issues when wanting to travel over here. This also extends to acts thinking of coming over from the US as if they are planning to tour Europe, the fees to go from the UK to the EU will still apply here. This has led to some bands stating they may miss the UK out of their tours entirely – this would be a massive shock to the festival industry. 

While it may not be as big of a deal as the issues Brexit has caused in the food industry, festivals such as Glastonbury boast large profits. The reduction of big names to headline will inevitably lead to a decline in attendance from Britain and more generally, worldwide. At the end of March 2018, Glastonbury had a post-tax profit of £1.43 million with cash reserves of £10.6million. It is uncertain what the restrictions on bands movements throughout Britain to the EU could mean for this. 

How we can help:

If your business is feeling the effects of Brexit and supply chain issues as well as high inflation, then Goodman Corporate Finance has got you covered. By taking the time and confusion out of the funding process, we will manage the whole deal for you, from the moment you make the enquiry right up to the point where the funds have been released. With our handheld and cradle to grave service, we pride ourselves on putting you and your business first, with expert guidance. 

We approach every new opportunity with ‘a blank sheet of paper’, offering a number of solutions for you to choose from. This unique approach means that you can choose the right solution for your situation. We put you at the centre of your own story.

Quotes:

Our managing Director, Paul commented:

“The waves from Brexit are certainly adding to the choppy water that the UK economy is trying to navigate now and probably for the medium term. With further economic shocks from the war in Ukraine, inflation, rising interest rates, and rising energy costs, it is so important that your business has sufficient working capital to ride out these waves.  

Our team at Goodman Corporate Finance have helped many businesses with securing working capital facilities that have sufficient headroom to help you thrive, but also survive when experiencing factors outside of your control.”

If you enjoy reading about political topics such as Brexit and how these link to business and finance, then check out the rest of the Goodman Blog.

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

High interest and UK SMEs

UK Interest rate highest level in 13 years:

Interest rates are now at their highest in 13 years, and inflation is at a 40 year high. This means that things are getting more expensive for SME owners. The increase in the cost of borrowing will have a direct impact on the cost of running your business. 

In this piece, we’ll take a look at what this means for UK SMEs as well as providing insight from Economist, Trevor Williams

Context to the rise in interest rates:

From war in Ukraine, to Brexit, to the aftermath of the Covid19 pandemic, there’s a range of reasons as to why the interest rate and inflation keep rising. All 3 of these causes have also set in motion a knock on effect regarding fuel and energy costs which are further squeezing the UK population for every penny. Unfortunately SMEs are also facing this crisis head on, with less help from the UK government to alleviate the burden.

The UK interest rate is now at 1.25% but it may soon be rising again. The Bank of England is attempting to stem the pace of the soaring prices as a result of the above factors. The rate of 1.25% is the highest level in 13 years and the fifth consecutive rise.

Inflation (the rate prices rise) is at a 40 year high of 9% and the BoE have already warned that this could surpass 11% later in 2022.

Energy prices are expected to drive living costs even higher in October so businesses and the average working person are likely to be squeezed even further. It is also still uncertain just how high interest rates will go.

Bank of England Warns of Deteriorated Economic Outlook:

The UK’s economic outlook has deteriorated according to the Bank of England. Prices are rising quickly across the globe; especially energy, fuel and food costs. The BoE has noted how UK banks are in a position to weather this economic downturn. The BoE made these comments in its latest Financial Stability Report.

The IMF and OECD have said Britain is more susceptible to recession and high inflation than other Western countries, all who are dealing with energy and market shocks also.

You can read more generally about the effects of UK inflation here.

What high interest rates mean for UK SMEs?

Higher interest rates affect the cost of borrowing; the value of loans decrease which means lenders set higher interest rates because money has shrunk in value.

This can see businesses restricted from some growth strategies like investing in new equipment or hiring new employees. Disposable income is also reduced because repayments on loans increase. Consumer spending being limited also has a knock on effect for small business revenue.

As interest rates can be thought of as a tax on borrowing, small businesses can be disproportionately affected because they rely more heavily on funding. In these situations, cash flow can be reduced which gives a company less disposable income and bigger overheads.

Quotes:

Trevor Williams, Chief Economist, stated: 

“The current challenge facing SMEs is yet another they have endured since the Global Financial Crisis of 2008, the Pandemic in 2020 and now the impact of the war in Ukraine, but they still thrive. 

For instance, many are locked into very low-interest rate loans when they were at their lowest in the 328-year history of the UK bank rate. Moreover, even with the current and expected rate rises, the UK bank rate will still be well below its long-run average. 

A sliver of good news is that SMEs are not facing the full burden of interest payments. The reason is that inflation will ease the burden of paying back debt, as interest rates adjusted for inflation have become more negative, so borrowers pay less to lenders. Another is that SMEs have been repaying debt for many few years to strengthen their balance sheet, so they are in a better position to face this crisis than appears on the surface. Finally, plenty of liquidity is available, so long-term rates are still low historically, allowing scope for refinancing problematic loans. Circumstances are challenging, but SMEs are well-placed to overcome the crisis.”

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

post covid lending

The Post-Covid Lending Landscape:

Covid Loans:

March 2020 saw a need for the UK government to act fast and bring out loan guarantees for businesses suffering the unexpected impact of the Covid19 Pandemic. The UK government deployed several loan-guarantee schemes: The Coronavirus Business Interruption Loan Scheme (CBILS), Recovery Loan Scheme (RLS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), and the Bounce Back Loan Scheme (BBLS). These loan schemes aimed to support businesses across the UK who were experiencing revenue loss due to cashflow demands from lockdowns. 

The RLS scheme is set to end on the 30th of June 2022. Even though the scheme is ending, Goodman Corporate Finance is in a perfect position to help connect your business with the perfect lender to deal with any cashflow or growth related issues you may be facing since emerging out of the pandemic.

Post-Covid Research into Businesses:

Research from the British Business Bank in early June 2022 has highlighted the following information:

  • Loan schemes may have saved between 150,000 and 500,000 businesses and between 500,000 and 2.9m jobs
  • Many businesses that engaged with the loan schemes could have permanently ceased trading in 2020 without the schemes
  • The schemes met their objectives of unlocking credit for businesses, and resulted in £78bn in guaranteed loan facilities
  • The schemes also saw reduction in approval times which was vital to prevent business failure
  • The loans were either used to fund operational expenses or to boost reserves and resilience to unexpected shocks
  • The introduction of BBLS helped to ease pressure on lenders
  • In the first week, 270,000 Bounce Back Loans were issued and this reached close to 800,000 in the first month

Quotes:

Ross McFarlane, Commercial Director – Invoice and Specialist Finance at Aldermore said:

SMEs are the backbone of the UK economy. Over the last few years, they have faced setbacks and false starts, juggling restrictions with supply chain delays and skilled labour shortages. Despite broader economic uncertainty, the cost-of-living crisis and ongoing supply chain issues, business confidence remains high, and SMEs are continuing to look to the future: to their recovery, growth and even transformation.

“However, it’s concerning that research by Aldermore shows that many SMEs are relying on products not designed for business use to fund their investments. Business leaders should explore specialist funding options designed with their specific challenges in mind, such as invoice finance or asset finance.

“At Aldermore, we’re focused on supporting SMEs, using our expert knowledge and specialist finance products. We recently created a new tool: the Aldermore BusinessFundingFinder , which allows businesses to answer a few simple questions around their requirements, such as the amount of funding needed, type of lending required and based on their circumstances, it guides businesses to solutions suitable for their needs.”

Our Managing Director, Paul Goodman, commented:

“Emerging from any recessional or downturn period can be when a business is at its most vulnerable in terms of cash flow requirements. 

Post Covid19 we also have in the mix: Brexit, supply chain issues, rising interest rates, record inflation, energy and fuel prices all adding to this vulnerability. 

With the depth and knowledge of the commercial finance sector, our team of off balance sheet resources are best placed to understand and support your working capital needs. Not just today, but for the medium to long term as well.”

How we can help businesses with recovery post-covid

If your business is still feeling the after effects from Covid19, then Goodman Corporate Finance has got you covered. By taking the time and confusion out of the funding process, we will manage the whole deal for you, from the moment you make the enquiry right up to the point where the funds have been released. With our handheld and cradle to grave service, we pride ourselves on putting you and your business first, with expert guidance. 

We approach every new opportunity with ‘a blank sheet of paper’, offering a number of solutions for you to choose from. This unique approach means that you can choose the right solution for your situation. We put you at the centre of your own story.

 

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Boris resigns

Boris Resigns!

Johnson was elected with an 80 seat majority in the House of Commons in 2019. With the echoing rhetoric “get Brexit done” this Conservative leader won his majority and even took seats in the historic “Red Wall” in the North of England. However, even before he became leader of his party, his political and journalistic career has been shrouded in scandal after scandal.

In recent months, the people, the opposition, and even the Conservative party have been showing growing discontent with Johnson’s premiership. This is a result of an array of factors such as Party Gate, handling of Covid19, the cost of living crisis, the Rwanda plan, the spending and PPE scandal, along with various sex scandals involving Tory MPs, to name a few reasons. Somehow the PM had overcome all of these, but now the only option is to resign. Many argue he has tainted the Conservative brand and many of the party wish to wash their hands of him to get a ‘fresh’ image. This comes as polling for the party has been shockingly bad. 

Thursday it has been announced the Prime Minister has accepted his fate and resigned. In his resignation speech he was surprisingly chipper and did not address complaints against him or the conservative party as a whole. As predicted he dwelled on ‘positive’ aspects of his leadership without addressing the underlying complaints with each of these. Now the country must wait for a new leader and to see if there will be a caretaker leader in the meantime.

It is uncertain at this time what the full effect will be on the British pound and new policy direction for taxes and UK SMEs during this cost of living crisis. You can read here about the effects on the Pound after the resignation was announced.

You can read this piece from the BBC here on the likely candidates to replace Johnson. 

Sunak’s gone, who’s in?

In the recent twist of political events Chancellor Rishi Sunak and Health Secretary Sajid Javid resigned on Tuesday off of the Conservative front bench. Following this, now the PM has announced resignation after some of his cabinet ministers waited in number 10 to call for him to do so. 

The Minister’s resignations came within minutes of each other with many thinking it was planned out and coordinated as part of a wider bid for either men’s leadership ambitions. Other junior ministers have also resigned recently due to general discontent within the conservative party over scandals and leadership. Furthermore, the vice-chair of the Conservative party resigned live on television. At the time of writing this, 59 other resignations have been handed in also. There are current discussions on who will be the ‘Caretaker PM’ in Boris’s absence, many do not want him to be the leader while a new leader is selected. There is a rush to fill the places of those who have resigned so the government can be somewhat functioning. 

In his resignation letter, Sunak stated various reasons for the move. The main reason noted however, was disagreements over the economy and Johnson’s lying and defense of questionable members of the house.

Nadhim Zahawi: Britain’s new chancellor (for now)

The cabinet reshuffle was almost immediate; Johnson replaced Sunak with Zahawi, the former Education Secretary. Steve Barclay replaced Javid. Obviously now the PM has resigned, this is likely to be shaken up again in the coming weeks/months when a new leader takes control of the party. This will have interesting implications for UK businesses over the coming months as well as the value of the pound.

Quotes:

Elicia Boni (Politics BA), our Digital Marketing Exec, commented: 

“It’s always an interesting time whenever a PM or Chancellor of the Exchequer resigns. This is because you can never quite tell what kind of leadership their replacement is going to bring to the role. It’s important to remember that every PM and Chancellor that Britain has had, has always brought their own unique sense of governance to the role and this personality is what affects policy going forward. With Boris announcing his resignation, there will be a period without a leader until the leadership election, this could bring about uncertainty in the value of the pound.

It will be interesting to see what type of Conservatism the new Tory leader will advocate for: a One Nation approach or a New Right standpoint. Whichever approach favoured can have implications for tax, welfare, and social policy direction. It will also be intriguing to see if an early General Election will be called.”

In times of financial uncertainty, Goodman Corporate Finance has got your business covered!

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

staycation

What is a staycation holiday?

A staycation refers to a vacation where you stay at home. This can mean either staying in and enjoying your local area during annual leave or trips in and around your country that can include overnight stays. The UK is seeing a rise in such holidays due to a variety of factors including the cost of living crisis, rail strikes, and airline delays. This can inevitably have an effect on the hospitality, leisure, and travel industries. 

The rise of the UK Staycation:

Staycations are on the rise in the UK, as summer draws in, people look for ways to spend their hard-earned money on down-time and leisure. With the current cost of living crisis affecting fuel and food costs, rail strikes, and airline delays, it seems that a likely trend throughout the rest of this year and perhaps beyond will be UK citizens choosing to holiday within their own country and likely closer to their place of residence. 

Bookings for staycations are rocketing as Brits are aiming to avoid unbearable airport queues and flight cancellations. Firms have reported a surge in the demand for UK breaks over those of overseas getaways.

The Express Online reports that the most sought-after UK destination is Blackpool and Google searches for UK holiday destinations are up 23% year on year, and 14% higher than in May. The overall demand for UK staycations is just 6% lower than summer 2020 levels where people could not visit abroad due to Covid restrictions. You can read more about this here.

iNews reports that staycation hotspots like Cornwall are expected to experience another boom this year. Holidaymakers are being urged to book activities in advance due to the rise in demand linked to the airport chaos.

Why the issues in the aviation industry?

The UK aviation industry has been hit by a number of issues in the last few years, including staff shortages, the after effects of covid19, and Brexit.

The effects of these issues can be seen with the number of delayed flights and canceled flights increasing. This is affecting holidays abroad as people are either delayed on their way to their destination or they are unable to make it at all.

Staff shortages have been an issue for many years now and this is only getting worse as more people leave the industry due to low pay, long hours and poor conditions. Brexit and Covid also contributed to staffing shortages within the airline industry.

The effect on the hospitality and transport sectors:

With the cost of living crisis, rail strikes, and flight delays, it’s no wonder that staycations are on the rise. But how will this affect the hospitality and transport sectors?

Well it can have mixed effects. While more people will be staying in the UK, less people will be traveling either by rail, plane, or even by car due to fuel prices. This will have an impact on the transport sector but less of an impact on local hospitality businesses.

However, in light of the recent rail strikes in June, hospitality bosses warned of the catastrophic effects. A massive drop in bookings came as a result of 40,000 Network Rail Staff striking. You can read more about this here.

Furthermore, there are likely to be airline strikes across Europe throughout summer. This comes as a result of staff shortages and stagnating pay since the pandemic. This comes after the previous nightmares faced by British holidaymakers in recent weeks as a result of delays, cancellations, and missing luggage at the UK’s busiest airports.

Workers at Heathrow have voted to strike in a dispute over pay. It is estimated that around 700 workers could walk out between July and September after the airline failed to restore a pay cut imposed during the pandemic. 

The UK is not the only European country facing airline strikes, France, Spain, Italy, Germany, and Scandinavia have also voted to strike over pay and conditions. 

You can read more about this here.

Quotes:

Andrew Raphaely, Managing Director at 365 Business Finance, commented: 

“Staycations are becoming ever more popular, which is great news for businesses in the UK, however the impact of transport strikes, the rising costs of energy and the prospect of a reduction in household disposable income all point to the need for greater support. Revenue-based funding is one way in which businesses can get access to working capital without impacting their cashflow. Repayments are based on future credit and debit card sales, so businesses only repay when their customers pay them.”

Chris Preston, Sales Director for GCF noted: 

“It is indeed an exciting outlook for the UK home stay and hospitality sector for the reasons outlined above. 

That aside, the sector itself is not immune to the challenges facing the UK economy and operators will need to keep close control of overheads at the same time as dealing with the increasing challenge presented by the recruitment/ staff shortages. At the same time, clientele have ever increasing expectations and choices.

Generally speaking lenders have a positive appetite for the sector which is encouraging and we are assisting many clients with their plans both to improve and expand. Always happy to help explore options.”

How we can help:

If your business is still feeling the after effects from Covid19, impacts in supply, and impacts from the travel delays then Goodman Corporate Finance has got you covered. By taking the time and confusion out of the funding process, we will manage the whole deal for you, from the moment you make the enquiry right up to the point where the funds have been released. With our handheld and cradle to grave service, we pride ourselves on putting you and your business first, with expert guidance. 

We approach every new opportunity with ‘a blank sheet of paper’, offering a number of solutions for you to choose from. This unique approach means that you can choose the right solution for your situation. We put you at the centre of your own story.

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Fraud awareness

Business Fraud:

Last year (2021), it is estimated that £19bn was lost by UK SMEs to fraud alone!

Fraud attacks are only thought to be on the rise this year so it is important to provide awareness to SMEs on how to avoid this.

UK Finance recently released an up to date PDF for 2022 on fraud statistics, this can be found here.

Santander has put together a fraud awareness campaign with a series of webinars that will be taking place over the summer, you can find out more about this at:  https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-uk-partners-with-police-to-protect-business 

UK Finance on Fraud Awareness and Scams:

The UK is seeing an increase in fraud. According to UK Finance figures, businesses lost £59.2 million in the first half of 2021, an increase of 35 per cent over the same period in 2020.

This is a problem for small and medium-sized businesses (SMEs) that are unprepared to deal with fraud. Fraud is often costly and time-consuming, and it can take away from valuable resources that could be spent on growing your business.

In the “Take Five to Stop Fraud Campaign”, 80% of SMEs said they had received an unsolicited text or email for money and personal information, and 64% had received unsolicited phone calls.

While 62% of SMEs stated they were more aware of fraud since the start of the pandemic, a perhaps alarming 16% did not challenge an unsolicited phone call or email requesting money or personal information.

Barclays collected data between January and October 2021 which highlighted that the most cases of SME scams were in property and construction (24%), retail and wholesale (18%), business services (15%), and manufacturing and transport (12%).

Take Five to Stop Fraud urges SMEs to remember that criminals are experts in what they do; whether this be at impersonating people or organisations, it’s wise to always stop and consider any requests for personal information or money. The campaign states SMES should:

  • Stop and think
  • Challenge and verify requests
  • Protect the business by contacting your bank immediately if you think you are a victim of fraud.

Business fraud is a serious threat to the growth of your business, and it can come from anywhere. But here are a few quick tips for protecting your company from fraud:

1) Check your statements regularly. Don’t wait until you have an issue with your accounts to check them.

2) Be on the lookout for bills that don’t match up with what you remember ordering or receiving. If something seems off, don’t hesitate to call the vendor and ask about it.

3) Monitor credit card activity closely, and be sure to report any suspicious activity immediately.

4) Protect yourself from threats by using an antivirus software that’s updated daily, or even hourly!

5)  Check the credentials of anyone who wants to work with you or your company.

6) Make sure all employees have the proper paperwork and licenses, if required by law.

7) Be wary of any requests for money or personal information from people claiming to be government representatives, especially if they’re asking for it over the phone or email.

8) And finally,  if something seems suspicious, don’t hesitate to call the police—or even just Google it to make sure the source is legitimate.

If you want some more tips on how to protect against card fraud, you can check out this resource from the Federation of Small Businesses here.

Quotes:

Jennifer Tankard of UK Finance commented:

“The financial services sector is tackling fraud in a wide range of ways. But it is also important that businesses place high priority on implementing measures to combat fraud.  The Take Five to Stop Fraud Campaign provides some top tips on how to protect your business from fraudsters.”

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Expo 2022

Yesterday was the long-anticipated NACFB Expo of 2022. Make sure to read our other blog piece on the Expo if you haven’t already! 

A day at the Expo 2022 in video:

A guide to the Expo 2022:

It was an early start for our Digital Marketing Executive to catch the 6:40 train to Long Eaton to meet up with Roxanne, our Compliance and Admin Director to drive to the event at Birmingham’s NEC! Yesterday’s event comes 9 months after the last NACFB Expo which was the re-opening of the event since the pandemic placed the nation at a halt. 

As the largest gathering of commercial finance professionals of the year, yesterday’s event saw high-street giants, challenger banks, and various funders, alongside notable industry partners. This Expo celebrated the 30th Birthday of the NACFB and offered chances to win tickets to the NACFB summer party!

Allica Bank was the headline sponsor at the event with Chief Commercial Officer Nick Baker giving an introductory speech after Paul’s opening. 

This year’s NACFB Charity Partner is the Newman Holiday Trust, this is an entirely voluntary organisation which helps to provide summer holidays for children with special needs! The Association seeks donations to help make a bigger proportional impact and sustain a longer-term financial footing for the charity. The charity was established in 1981 and representatives from the Trust were present at yesterday’s event!

All in all, the event was a great chance to network with lenders, new and old alike, and a really great opportunity for Elicia to meet more people within our industry. The Conference Theater’s seminars were all incredibly organised and informative, and this has given Elicia some great ideas for future content!

Quotes:

Managing Director of GCF and NACFB Chair, Paul Goodman, stated: 

“The NACFB Commercial Finance Expo remains the best event of its kind in the industry.  This year the NACFB team have raised the bar again and delivered a superbly organised event.  The Goodman team have connected with many lenders, both old and new.  They will now be working hard to enhance our offering to our existing clients and clients yet to be.  The team will certainly be putting the date in the diary for next year’s must-see NACFB CFE 2023.”

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

NACFB Expo 2022

NACFB Expo – June 15th 2022:

Tomorrow is the long-awaited NACFB Expo of 2022. Our Compliance and Admin Director Roxanne will be attending for the first time since 2018 along with our Digital Marketing Executive who will be attending for the first time! Our Managing Director and NACFB Chair, Paul will also be there, hosting the event and taking part in some panel discussions. 

The event is filled with over 130 exhibitors from all across the funding community: banks, brokers, and funders alike along with some key supporting patrons gathering in the Birmingham NEC to promote their products and provide key financial insight on the UK’s lending conditions. It is the UK’s largest intermediary-led trade show. 

This year’s conference is again hosted by BBC presenter, Naga Munchetty. In 2008, Naga was a co-presenter on BBC Two’s financial programme, Working Lunch! In 2020, the BBC announced that she would be the new presenter of the mid-morning programme on BBC Radio 5 Live.

The NACFB Expo 2022 Agenda includes:

  • A welcome talk
  • An introduction from Allica Bank
  • A Presentation on the UK’s Lending conditions
  • A talk on pre-recession lending
  • A talk on staying ahead of the regulatory curve
  • A panel discussion on sharper financial regulations 
  • An interview on empowering minority-led businesses 
  • A panellist discussion on EPC ratings and landlords

Quotes:

Elicia Boni our Digital Marketing Executive commented:

I’m really excited to be attending my first expo. After going to a digital summit event recently, I’ve been developing my network within the marketing and finance communities. I’ve been in contact with some of the marketing teams from our funding panel so it will be exciting to finally meet them face to face after joining Goodman Corporate during the pandemic. 

As I come from a background in politics, I’m particularly excited about attending some of the seminars and discussion panels that this year’s expo has to offer. I’m especially keen to listen to the seminar on empowering minority-led businesses and the talk on the UK’s lending conditions. I think this intertwines politics and finance nicely and gives me a great opportunity to learn more about the ever-changing world of finance!

Roxanne Goodman, our Compliance and Admin Director commented:

The NACFB Expo is a chance to network with our industry colleagues and peers and listen to expert discussions. The event has built its reputation as being the biggest and best commercial finance expo of the year. You will come away with new contacts, refreshed relationships, increased knowledge and a goody bag full of bits collected from around the hall. If you only go to one event a year, it should be this one!

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset FinanceCorporate Finance Servicesinvoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Nottingham Digital Summit

“On Friday the 10th of June I attended the Nottingham Digital Summit 2022, it was the first time the event has been held since 2019 due to the pandemic. Sarah from Visionary Recruitment, a group business of Goodman Corporate Finance, suggested the event to me so that we could both network within the marketing community and boost our knowledge of marketing-related topics.

The event was hosted by Hallam. Over £15,000 was raised at the event and this all went to the Nottingham and Nottinghamshire Refugee Forum. It felt great to know we were a part of funding such a good cause.

Nottingham Digital Summit Agenda:

Nottingham Digital Summit

Sarah and I attended the following seminars:

  • The 7 Step protocol for digital experiences
  • NLP’s and human languages: How Google’s new updates affect context and content
  • High-performance SEO: blueprints for success
  • How to make your website your best performing sales channel
  • Better business for a better world
  • How to create the ultimate B2B SEO strategy 
  • Content marketing: the top trends for 2022 and beyond 
  • The value of values: how to leverage marketing to feature in tomorrow’s nostalgia 
  • Personalised digital marketing: a return to individualised consumer engagement in the age of big data
  • Using search data to power your marketing strategy
  • How to grow in the attention economy 
  • Fireside chat with Susan Hallam MBE and guest panellists 

All of these talks were highly insightful and allowed me to consider things in a way that I hadn’t perhaps thought of before. The whole day for me was very reminiscent of being back at university, the layout was like a lecture hall with a professor delivering a keynote speech on their specialist subject. 

The 7-step protocol for digital experiences along with the better business for a better world and the value of values, were my favourite to listen to. These all focused on how values are now more important than ever when it comes to the world of marketing. A massive shift since the pandemic has made it so many consumers will now only engage with brands that align with their values and morals. This means more of a shift towards equality promoting, green businesses that have their customer’s minds, wants, needs and personalities at heart rather than seeing them as a number on a spreadsheet or for profit.”

Media from the Digital Summit:

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset FinanceCorporate Finance Servicesinvoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

windfall tax

The Windfall Tax:

Following updates on the cost-of-living crisis that we’ve previously covered in our blogs, the Chancellor has recently U-turned and announced a 25% Windfall Tax on energy firms. This comes with a lot of criticism from the opposition and even Tory backbenchers, especially in light of the damning Sue Gray Report and vote of confidence.

This handy reminder will tell you the key take-aways from the announcement in case you missed it the other week!

  1. More than 8 million households will receive more than £1,000 in support to help with the crisis as part of a £15 billion package

  2. Every household in Britain will receive a £400 discount on their energy bills in October, although the price cap is set to rise to over £2000 so many say this will not be enough

  3. 8 million households on means-tested benefits would receive £650 in direct payments, pensioners who qualify for the winter fuel payment will receive an additional £300. Those who are disabled will receive an extra £150.

  4. The Liberal Democrats and Labour have been calling for a windfall tax since January but Tory ministers, such as Johnson, rejected this as it could ‘deter’ investment.

  5. Sunak describes his plan as ‘sensible middle ground’ because it includes a new investment allowance, for every pound invested by a company, they will get 90% back in tax relief, the more they invest, the less tax they pay. You can read more about this

  6. The Business Secretary Kwasi Kwarteng called the windfall tax a bad idea only a couple of weeks ago

Our Managing Director Paul Goodman commented:

“Whilst it is good to see some much-needed help being made available to households around the UK.  There still seems to be very little in the way of support to the millions of SME’s up and down the UK.

SME’s are being squeezed by rising debt costs, supply chain issues, staffing shortages and now the rising cost of raw materials and energy.  All at a time when they are being asked to accelerate out of the pandemic.  I fear without further targeted support, businesses are going to struggle to navigate these additional shocks to the economy and their businesses.”

 

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset FinanceCorporate Finance Servicesinvoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Start-up

What is a start-up business?

A Start-up business or company can be defined as when an entrepreneur develops a new business model with the intention that the business grows into something prosperous. You can read more about what start-ups are, here.  

Start-ups typically are formed when the founders of the business have an idea on how to solve a problem in a niche way that can generate them income. A good practice for any start-up is to formulate a 3 to 5 year plan to stick to. 

If you’re looking to start a business in 2022, there are a lot of things you have to consider. But if you want to get it right, here are some of the best tips for starting a business from scratch.

1. Develop a sound business model.

A sound business model is the foundation of any business’s success. Before you start your business, take some time to develop a well-thought-out strategy. Your business model will help you set goals and objectives, plan for success, and get things done.

It’s the roadmap for the business as it tells you how to get from where you are today to where you want to be tomorrow. If you don’t have a sound business model, it can be difficult to make good decisions about the direction of your company.

The goal of developing a sound business model is to ensure that you have all of the information you need in one place so that when making key decisions, such as hiring new employees or deciding whether or not to invest in new technology, you always know where to look first.

2. Figure out how you will fund your company.

One of the best ways to get finance for your start-up, is by going through a broker. A broker will help you find the right lender for your needs. Check out our broker services here.

It is important to note that most lenders will only accept applications from companies that have been operating for a set amount of months.

Using a finance broker can save you a lot of time and confusion, especially if you are new to business and funding. Goodman Corporate Finance takes the time and confusion out of sourcing the perfect funder for your business requirements. 

3. Focus on what makes you different from the competition.

 If you are looking for a way to stand out from the crowd then try getting to know your competition.

It sounds counterintuitive, but one of the best ways to set yourself apart from the competition is by doing research on what makes them different from you. You can’t just copy or imitate your competitors’ strengths—you need to find out what they’re doing that’s working and why, so you can apply it in a way that makes sense for your business.

If you want to stand out in a crowded industry, it’s important to know what makes you different from competition. You don’t need to reinvent the wheel—but you should be able to articulate what makes your product or service better than what’s already out there.

4. Determine the right team to help your business succeed.

When you’re starting a business, it’s important to find the right people to help you get started. You need people who are passionate about what they do and have the skills and experience necessary to help your company succeed.

A good team will not only make you feel comfortable, but they’ll also allow you to focus on other things like marketing or sales while they handle day-to-day operations of your business.

If you’re looking to build a strong company from the ground-up, it’s important to make sure that you have the right people in place to help you navigate the challenges of running a successful business. This can be especially tricky in the early stages of starting your company, but if you find the right people quickly and start working with them right away, you’ll have a much better chance at long-term success.

5. Embrace new technology and tools to make running your business easier.

When you’re starting a new business, it can be hard to keep track of everything. That’s why it’s important to embrace new technologies and tools to help with the running of your business.

As a start-up business owner, you may need to learn how to do everything yourself.

You don’t want to spend too much money on software or technology that won’t work well for your company, but at the same time, you should try to find out what’s available and what might be useful for your business’ needs.

Key takeaways: 

Hiring and equipping employees are only a part of scaling a business successfully, and it’s important not to overlook other factors, such as embracing new technology and funding options that can make scaling a simpler process. We’ve funded many start-up businesses successfully with our solution not commission focused ethos and blank sheet of paper approach. If you operate a start-up and you need funding for your business ventures, get in touch today and we will connect you with the perfect lender.

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

Multi-product Lender  

Product guide:

  • Unsecured Business Loans up to 150k
  • Secured business loans up to 500k
  • Bridging loans up to £3m
  • Business Cash advance up to £500k
  • Recovery Loan Scheme (RLS)

Introduction:

The lender launched in 2013 with the mission of ensuring its clients enjoy clarity and confidence to realise their potential. They are also a patron of the NACFB. They focus on businesses of all sizes and in all sectors. Listen to their offering to find out if this can add value to YOUR business – if they can then fill in one of our contact forms here.

Believing that ‘communication is king’, this lender recognises that the demand for flexible and tailored finance will inevitably increase post-pandemic. Ongoing support is crucial to UK SMEs and the need for a strong client-lender relationship is key.

Unsecured and Secured Business Loans:

This lender can offer funding to businesses that:

  • Are UK based and generate more than 50% of turnover from trading activity
  • Are using the facility to support trading primarily in the UK and for business purposes only (working capital, expansion or debt refinance)
  • Meet the following criteria: Minimum turnover of £200k per annum, Minimum of one year’s filed financial accounts, One of the shareholders is a homeowner
  • For applications >£250k: security is available – Limited company, LLP, sole trader or partnership – Any CCJs are settled/in process of being settled

 

multi-product unsecured

Bridging Loans:

Your business can be eligible for one of these Bridging Loans if the property securing the Loan is not in fully finished condition (e.g. Development Exit, Conversions and Light Refurbishment Loans), or, if the Property requires only light, non structural works until reaching a habitable condition.

Examples of deals completed:

  • Development exit funding of £500,000 provided to support a developer experiencing delays due to Covid-19 with the sales of seven flats constructed close to Aberdeen. (12 month term, no exit/settlement fees, 5 week turnaround, now fully repaid)
  • Development exit loan of £500,000 provided to a property development company to allow additional time to market and completion of sales on a three house development in Oxford, which was impacted by building delays during the pandemic. (15 month term, no exit/settlement fees, 2 week turnaround, now fully repaid)

 

multi-product bridging loans

Business Cash Advance:

You can be eligible if:

  • A Limited company, sole trader or partnership
  • Company is UK registered (excl. Jersey and Isle of Man)
  • Minimum of 6 months of trading history
  • Minimum of £5,000 per month through card terminals
  • Any CCJs are settled or in the process of being settled
  • Personal guarantee is also available

 

multi-product business cash advance

RLS Business Loans:

RLS funding may be available to businesses that:

  • Have been adversely impacted by COVID-19
  • Are UK based and generate more than 50% of its turnover from trading activity
  • Are using the facility to support trading primarily in the UK and for business purposes only (working capital, expansion or debt refinance)
  • Meet the following criteria: Minimum turnover of £200k per annum, Minimum of one year’s filed financial accounts, One of the shareholders is a homeowner,
  • For applications >£250k: security is available – Limited company or LLP – Any CCJs are settled/in process of being settled

 

multi-product secured

Why work with this lender?

  • Highly experienced property team that includes the former UK Head of property finance for Barclays Business Bank, Funding Circle & BAWAG PSK Investment Bank.
  • 24-hour turn around to indicative ‘heads of terms’ from the time a lead is received.
  • We’re focused on smaller transactions that get de-prioritised by other lenders.
  • No structured application form or broker portal – send deals through as you would like to package them.
  • An especially commercial and bespoke approach to underwriting deals.
  • Ensuring that the Recovery Loan Scheme is used as intended to support UK SME property developers.

 

If these above products would add value to your business, get in touch today!

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific finance needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, invoice finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today.

mental health awareness

This year’s theme is ‘loneliness’:

Mental Health Awareness Week is taking place this week (Monday 9th to Sunday 15th May) with the official theme this year being loneliness.

As Mental Health UK highlights, loneliness affects many of us at some stages in our lifetime and it can be the driver for, and a product of, poor mental health. The covid19 pandemic gave rise to a nationwide sense of loneliness and isolation as our daily routines were put on hold. Many of us had also had far less access to visiting our loved ones.

As workplaces are also fast changing as an after effect of the pandemic, many more people embrace working fully remote or hybrid working. Mental Health UK urges everyone to accept this change but also maintain focus on building and maintaining meaningful connections with our colleagues. 

The Mental Health UK campaign asks people and organisations to consider their unique contribution to tackling loneliness, isolation, and the barriers to connection. They recommended spreading awareness and inviting conversations about loneliness to try to tackle the issue.

The importance of taking a break:

No matter what role you work in, it is always crucial to take a break every couple of months. During these breaks it is important to really switch off and recharge the batteries – this means not checking the work phone, and emails and taking time to unwind and pursue out of work hobbies.

A lot of our peers in the finance industry will still work on their leave and face high levels of burnout – it is important to not let this happen!

At GCF we pride ourselves on promoting the general wellbeing of our employees, you can read more about this here.

Quotes:

We asked our directors how they handle self care and mental health, especially since the pandemic.

Paul Goodman, our Managing Director, commented: 

“The global pandemic has allowed so many of us time to assess what is truly important to us.  Personally, for me, I have used the time to rebalance work and home life. I have lost 5 stone in weight, regained some of the fitness I attained in my previous sporting world.  This in itself has sharpened my focus; sleep has improved and general well-being is almost unrecognisable from before the pandemic. 

Whilst a pandemic is an extreme way to achieve this result, it shows that time away from work can have so many positive outcomes.  These in turn can make you more productive across all aspects of life.  The best part though is realising that you can make more time to be with loved ones, life does carry on and the pandemic has proved, you never know what is around the corner in life.”

Roxanne, Admin, Compliance, and Relationship Director, noted: 

“I sometimes struggle to find any time for myself. Running the house, family and working full time can be a struggle as any working parent will understand!

During Covid, I was at home all day with our new baby son and not able to work as we couldn’t have any childcare support and he was yet to start at nursery. This had a massive impact on me personally as I had no time for myself at all, had no interactions with any other new mums or baby socialising groups for him to learn social skills.

Now he is at pre-school 4 days a week, he is flourishing. I am back to work full time and have 3 sessions with my personal trainer a week which has helped me so much to realign myself and gain strength, mentally and physically to be able to cope with the pressures of everyday life.”

Stefan Radymski, Group Sales Director, stated 

“I echo Paul’s comments regarding the pandemic, one thing that has particularly struck a chord for me with regards to mental health is routine and sticking to the good habits! For example, I now walk religiously 10,000 steps a day. Something I started during the pandemic. It gives me time to think about all things business/personal. Make some plans, targets, goals and clear my mind. 

Just taking yourself off for that hour really helps you mentally refresh for the rest of the day. I really notice brain fog towards the end of the day if I don’t get that exercise and down time from the phone and laptop it has an impact! I think the message here is clearly around balance, it pays to rest the mind at some point during the day.”

 

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific financial needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, Invoice Finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today

financial services bill

The Queen’s Speech 2022:

Yesterday Prince Charles delivered the Queen’s speech due to Her Majesty being unable to attend with mobility issues. The speech covered a range of areas – there was a total of 38 Bills which the serving Conservative government hopes to pass. This is up from 30 Bills the year before. To have a look at the full list of Bills, click here. The main Bill we want to focus on in this piece is the Financial Services and Markets Bill.

The Financial Services and Markets Bill:

The aim of this new Bill is to protect and strengthen the UK’s financial services sector as well as acting in the interests of all communities. By revoking the EU law on financial services and replacing it with a UK-specific form of legislation, the government hopes that red tape will be cut. There are also plans to update the objectives of financial services regulators as well as providing additional protections for those investing and using financial products. You can read more about this here.

Additional features of this Bill will see banks having to keep their high street branches and cash machines open so that people can still have access to paper money. This will see protection for elderly and vulnerable citizens who may be left behind if there were to be a transition to a cashless society. Johnson also stated that there would be a crackdown on internet scams.

Quotes:

Writing for the NACFB morning briefing, Paul Goodman, our MD and NACFB Chair, said: “We’ll be monitoring the effect of these proposed changes closely and although the initial impact areas will be the crypto and insurance markets, the same model will in time impact our clients also.”

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific financial needs, then you can click on the relevant links: Asset FinanceCorporate Finance ServicesInvoice Finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today

 

Goodman and Eevery - ESG

The Goodman Team signs up to Eevery – an ESG platform for SMEs:

As you may have noticed from our updated ‘Corporate Social Responsibility’ page in our ‘why us’ section, our company has joined Eevery. Eevery’s platform allows companies to measure, improve, and report on their environmental, social, and governance (ESG) performance. Any companies that sign up to the platform can start improving their actions and creating more value for their employees and clients by contributing to a sustainable future for business and the planet. They can also create ESG reports to communicate their performance to lenders, customers and employees.

Instead of taking a commission, we have agreed to pass on the income as a discount on the product to our clients using a discount code! If this sounds like something you’d like to take advantage of, contact us.

Recently, we’ve really been focused on our sustainable practices and impacts on the wider world around us – to read more about this check out our Green Guide!

Being part of the solution:

Eevery notes how globally there are over 400 million SMEs who represent 90% of all companies and 50% of employment. SMEs are responsible for more than 50% of business CO2 emissions in the UK. This is evidently a market that needs addressing if we as a country and as individuals are going to make more moves towards sustainability and going green.

Making the world a better place:

By measuring the real effects of our company’s activities, we can optimise our impact on people, the environment, and society – by working with Eevery we can help to make a positive global change!

Winning more business:

By signing up to Eevery and measuring our ESG performance we can provide our valued clients and lending panel with the details they need to confirm our ESG performance using globally accepted standards. This allows for greener dealings and also allows for our partners to focus on their ESG too!

Quotes:

Our Compliance, Relationship, and Admin Director, Roxanne commented that:

Joining Eevery will allow us to demonstrate to our stakeholders that we are committed to become more sustainable and future proof the business. It’s a great tool to have in our armoury and will allow us to continually develop and grow and also provide the ability to pass some value back to our network.

Dominic Buch, Eevery CEO commented:

The collective action of small businesses makes a global change. We are delighted to be partnering with an SME specialist like Goodman Corporate Finance to help small businesses become more sustainable and to give them the tools to demonstrate their performance and plans to stakeholders that care such as lenders, customers and employees

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific financial needs, then you can click on the relevant links: Asset Finance, Corporate Finance Services, Invoice Finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today

Invoice finance broker of the year

Invoice Finance Broker of the Year Award:

Last night (28/04/2022), our Managing Director, Paul, attended the Business MoneyFacts Awards of 2022 in Evolution, London. The night was an exciting return to their live event after the pandemic had put it on hold.

Our category was ‘Invoice Finance Broker of the Year’ and thanks to the amazing testimonials from our lenders and clients, we have once again been highly commended! There were 7 in total in this category so to come 2nd is absolutely amazing, especially considering our small team!

Paul commented:

“Lee Tillcock and the whole Business Moneyfacts team brought together over 800 of the great and the good of our commercial finance industry to jointly celebrate best in class from a whole host of lenders and brokers. 

 The audience were entertained by Boogie Storm. As a massive Star Wars fan, this certainly brought a smile to my face. 

 Rob Beckett then gave a short routine about Covid, elderly parents and his famous South London accent before rattling through the 39 awards presented on the night. 

 Goodman Corporate Finance were recognised for the 4th year in succession. Unfortunately we couldn’t repeat last year’s win, but we are humbled to have achieved “highly commended” for the 2nd time. Hopefully a reflection of our consistent customer focused solution driven service. We are very grateful for our clients and key lending partners who submitted glowing testimonials for these awards. 

 Congratulations to all the shortlisted and award winners. The real winner on the night was our commercial finance industry and the collaboration that was clear for all to see at the event. 

 Our team will be keeping up the great work and will relish the challenge to retake top spot again in 2023.”

Stay tuned for some more pictures of the event soon!

invoice finance broker of the year award

By Elicia Boni – Digital Marketing and Content Executive

If you are interested in learning more about Goodman’s bespoke broker services and how we can help your specific financial needs, then you can click on the relevant links: Asset FinanceCorporate Finance ServicesInvoice Finance, or Property Finance.

Already have an idea of what type of financing you require? Don’t hesitate to get in touch. Contact us here or call us now on 0333 3583502 for a free consultation with one of our expert corporate finance specialists.

Allow your business to survive and thrive! Get in touch today