More small and medium-sized businesses may be eligible for the Business Finance Guarantee scheme, with a simplified and expanded scheme now in place. Participating banks can provide new loans, increased limits to existing loans or a revolving credit facility to eligible businesses. The scheme supports banks to take on lending by government taking on the default risk of up to 80% of the loan. Changes to the scheme mean the… Read more
With cashflow being the number one concern on business owners’ minds, ensuring your invoices get paid on time is a key component to success. Given a lot of businesses are in the same boat, how can you get those funds in so you can then pay your suppliers who are looking for their money? In this blog we give you a simple guide on how to keep on top of your debtors.
In October and November Accident Compensation Corporation (ACC) will be sending out annual invoices that would have normally been sent in July. They made a decision to delay these invoices for three months to help relieve the immediate financial impact felt by many businesses earlier this year.Remember to always check your BIC code (or industry code) to ensure you are on the right rate, but also check whether you are… Read more
While we are all planning our next steps as we rebuild our businesses, the Ministry of Social Development (MSD) have begun the mammoth task of auditing certain applications made under the wage subsidy scheme. This is an action that was signalled from very early on in the scheme. While the swift move into audit phase may seem harsh, the statistics that emerged regarding fraudulent claims on hardship grants after the… Read more
The pains caused by any type of economic downturn can be excruciating, which is why most of us quiver at the thought of it. Just the word recession leaves us with so much uncertainly – it could mean massive layoffs, jobs becoming harder to find, and wages frozen. We start talking about a potential recession, the fear kicks in, and this all contributes to everyone hunkering down and spending less,… Read more
The Government has announced that the Small Business Cashflow Loan Scheme has been extended to the 31st December 2020 and can provide assistance of up to $100,000 to business’s employing 50 or fewer full time equivalent employees. The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time employee. Loans will be interest free if they… Read more
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it.Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that… Read more