Brexit Prep: UK Finance Creates Guide for SMEs as EU Separation Looms

UK Finance has launched a national campaign encouraging small and medium-sized enterprises (SMEs) to prepare for the potential changes as Brexit nears. Entitled “Let’s Talk Business,” the campaign is being supported by various organisations including the Federation of Small Businesses (FSB), British Chambers of Commerce (BCC) and the Confederation of British Industry (CBI).

UK Finance is the “collective voice for the banking and finance industry.” It represents over 250 firms.

In brief, the guide is designed to be a “one-stop shop” to help SMEs prepare for Brexit and also to better understand their financing options. The guide will be updated on an ongoing basis and promoted to SMEs across the country by UK Finance and the business groups involved.

Stephen Jones, Chief Executive of UK Finance, commented that with just five weeks to go until the UK exits the EU, they encourage businesses to consider how they may be impacted:

“The banking and finance industry has the capacity to support viable businesses whatever the outcome. The Let’s Talk Business campaign, supported by leading business groups, will provide extensive guidance to help SMEs prepare for the changes ahead and consider any financing needs. Any business customers who may have additional financing requirements should begin engaging with their provider now, as the earlier they do so the easier it will be,” said Jones.

National Chairman of the Federation of Small Businesses (FSB), Mike Cherry, added:

“With less than 40 days to go until the UK leaves the EU on the 29th March, it’s important for small businesses to prepare for the pressures that may well affect them, especially if we end up with a no-deal Brexit on that date. As part of that preparation, we recommend that small business owners and the self-employed talk to their banks or other finance providers as they may well need help to extend overdrafts, seek extra finance or secure extra flexibility for repayment plans.”

The information is available here.  What appears to be missing from the package is the legion of alternative finance providers that are available to provide support as well.

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