Significant uncertainty revolves around what the new normal would seem like as firms begin to surface from the covid 19 pandemic. Thinking about circumstances can aid firms’ for-see as well as familiarize themselves to dramatic changes. In one situation which may be eliminated for UK SME is the idea of following up on delayed payments, in regards to Know-it, the cloud based credit management platform.
Hastened payment, an SME sponsor with its headquarters in Dublin has made known its plan to sponsor €100m by the end of 2021. A tough period for firms has been foreseen by the invoice financing provider but furthermore, expects firms with access to funds to overcome the challenges and difficulties which in turn will enables the firms make the most of new trade openings.
The founder and the leader of know -it Lynne Darcey Quigley confirmed:”sadly, statistics shows a rising challenge in regard to late payments. Regardless of the government employing lockdown measures, many firms on the receiving end of payments will find it difficult to pull through after the pandemic. From the statistics presented, firms are left with no choice but push on and manage with businesses considered as bad payers, many times to their own disadvantage,”
In conclusion, Lynne confirmed: “this financial support will create openings for firms which may have had difficulties in the past to acquire more conventional methods of finance. Alternatively, the risk assessment will focus more on the buyer rather than the SME.”