At the beginning of the year, SMEs could not have foreseen the radical changes that have transpired, not only to our everyday lives but to the entire UK economy following the devastation of COVID-19. PMD Business Finance kept their services open, supporting over 500 customers and providing free advice to those in need of financial assistance during the toughest times of the pandemic.
It is times like these where we see businesses step up to support the companies struggling around them. For PMD, it was about taking a softer approach, understanding that things were difficult, and answers were unknown. But it was evident that when working together with SMEs, they could provide the right support to keep their client’s heads above water.
PMD Business Finance is one of the largest independent providers of business finance. Established in 2010 by Peter Dobson, the company has been based in the North West for over 10 years with many of its staff residing and coming from local areas. The company has grown significantly and is now lending over £100m each year to UK businesses.
With pressures at an all-time high – balancing home working, childcare and learning how to adapt to the ‘new normal’ – everything became a challenge when the virus struck. Brokers were seen to forward queries to lenders directly, and some charged for their support during the pandemic. This was not the PMD way. Their doors were wide open, albeit figuratively, and they made it a priority to support customers and lenders without an added fee, resulting in 632 successful deals completed including 57 CBILS loans and £46.2m worth of advances paid out.
Strong and honest business relationships are essential for companies to survive in the short and long term, and because of this attitude PMD has seen positive results over the height of the pandemic for their business and the SMEs they supported. Full results are shown in their COVID-19 infographic. Please click on the image to enlarge.
Supporting SMEs across the UK who need financial help goes further than the pandemic. As members of the National Association of Commercial Finance Brokers (NACFB), PMD is proud to be part of the ‘Moving Britain Forward’ campaign launched with the aim of galvanising the lending communities’ collective efforts in helping to drive a new path forward.
Tom Brown, PMD Director, comments:
“Our primary mission is to help keep businesses moving forward and to be there, even in the toughest times. These have been hard times for us all, but we hope our statistics over the last four months show what our customers have managed to achieve throughout these turbulent times and that there is positivity.
“Things will get better and we will continue to support SMEs however they may need us. One size never fits all, and we know that the best way to support our customers and suppliers is to listen to their unique requirements and work with them to move their business forward.”
PMD has various cash flow and asset finance facilities available to help businesses trade successfully through COVID-19 and beyond, and their offices remain open to support any business in need.
If you are looking for advice for your business, then get in touch with one of our experts by calling 0161 633 2548 or by emailing: info@pmdbusinessfinance.co.uk.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS