Seneca Trade Partners has seen increased demand for working capital facilities from manufacturers, wholesalers and retailers that are seeking to increase their trade and stock finance lines to cope with marked increases in trading activity in recent weeks.
Chris Divers, Seneca Trade Partners Director commented;
‘’Not all business finance requirements are met by the Coronavirus Business Interruption Loan Scheme (CBIL) and by using balance sheet assets more effectively often to complement existing traditional lending or working capital facilities, businesses are switching on to smarter and more flexible ways of financing growing levels of turnover.
“Apart from our existing SME clients we have taken on 15 new businesses in Q4 to date and expect to fund working capital transactions of over £18million in the next 12 months. We see this as a very positive indicator of market sentiment and the approach businesses are taking to get the maximum from their own assets.’’