• Crisis impact spreading from most vulnerable to more established businesses

        • Research being collated daily by Funding Xchange is warning of a concerning trend that the financial impact of the COVID-19 crisis is now hitting previously safe established businesses.

          Funding Xchange is the online platform appointed by the Government to help businesses declined for loans by their mainstream bank to identify other lenders.

          In the first two weeks following the lock-down, vulnerable businesses were the predominant users of the referral process to access very small amounts of funding, with seven out of 10 applicant businesses requesting less than £15,000.

          It is now evident though that it is not just these businesses that are struggling.

          In April, from data compiled by Funding Xchange, there is a clear swing towards the next tranche of businesses. These have been able to ride out the first few weeks but are now seeking cashflow support.

          In April, up to half (47%) of businesses that have been referred to the Funding Xchange platform have traded for at least three years compared with just a third (34%) in March, indicating that there is now evidence of developing financial pressure within established businesses too.

          To reinforce the concerns, those now applying have a higher level of turnover than those active during March, with half (47%) turning over in excess of £100,000, an increase of 15 per cent from March.

          A similar trend is seen when looking at the credit quality of applicant businesses. In the first two weeks of April, nearly half (46%) of referred businesses have a higher quality credit score compared with just a third (32%) in March.

        • Stay up to date - Click here and register for FREE Channel Info online membership and enjoy unlimited access to a host of benefits including the exclusive members area of the website, downloadable business tools, current and back issues archive, priority breaking news alerts, weekly e news summary and the Channel Info app

        • Related Articles

        • How channel partners can help spearhead the sustainability charge

          How channel partners can help spearhead the sustainability charge

          Tuesday 31st Aug 2021
          Organisations have been slow to adopt and integrate meaningful sustainability practices. But as pressure from consumers increases, Christina Klein, Head of Global Solution Partners at Lansweeper explains why organisations are reco...Read More...
          Printers aren’t the only hybrid working security risk, says Kyocera

          Printers aren’t the only hybrid working security risk, says Kyocera

          Thursday 26th Aug 2021
          Recent months have seen a spate of high-profile ransomware attacks. As businesses plan for a hybrid working future, print has been identified as an area for scrutiny in the bid to shore up cybersecurity capabilities. According to Kyocera, it is impor...Read More...
          Konica Minolta reveals COVID-19 impact on businesses

          Konica Minolta reveals COVID-19 impact on businesses

          Tuesday 27th Jul 2021
          A Konica Minolta and Keypoint Intelligence IT and business operations pain points study has revealed the depth of security and home working challenges during the pandemic. The COVID-19 pandemic exacerbated the pain points of small and medium-sized b...Read More...
                • About Us

                  Channel Info is the leading source of business news and information for the office dealer and reseller market. Our multi-platform approach delivers relevant, engaging and focussed content via our main printed magazine, supplements, website, digital editions, apps, newsletters and bespoke communications with an unrivalled reach across the industry. A highly trusted and respected brand for many years, the team behind Channel Info has over 60 years experience collectively in the office products, furniture, equipment and technology markets Channel Info continues to develop and adapt in order to meet the changing information needs of its readers.

                  For our latest Media packs and more details on our range of services click here

                • View Latest Issue