Accelerated Payments, the invoice financing provider, with bases in London, Dublin and Toronto anticipate a rocky period as companies emerge from the COVID-19 pandemic and come to terms with the post-Brexit environment. Despite this, they expect businesses with access to finance to overcome the challenges to make the most of new opportunities.
“Unprecedented levels of cash have been pumped into SMEs during the pandemic and I think problems are going to occur in the next 6-12 months as the government withdraws,” Ian Duffy, CEO of Accelerated Payments explains. However, businesses will then be hit by the Brexit. “The market never likes barriers, and the reality of Brexit is that it creates barriers,” but Duffy already sees businesses adapting to this, as well as the role Accelerated Payments can play. “A lot of SMEs in the UK are now seeking to export to other markets, and we can support them to be able to finance those transactions.”
The level of government support during the pandemic has also cushioned businesses from the impact of recession, providing a buffer from the slower trade and tightening of credit lines that usually accompany a downturn. This combination of pandemic, Brexit and recession means that for thousands of businesses access to capital will be more critical than ever....