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How can the lending industry evolve the provision of trade credit to small businesses in the COVID-19 economy?
The coronavirus pandemic took hold in the UK at the end of March 2020. In April of 2020, GDP saw a record fall of 20% in one month. The lockdown measures introduced by the UK government to slow the spread of the virus have caused financial difficulty for hundreds of thousands of small businesses.
Whilst insolvencies have been high in certain sectors in 2020, they are not as high as you might expect and that is due to a number of economic stimulus packages introduced by the Chancellor to help support small businesses through this difficult time. Ultimately, these stimulus packages will be paid for by the taxpayer and therefore cannot continue indefinitely.
Codat’s Commercial Director, Matt Hicks was recently joined by a panel of experts to discuss what can be done in order to support small businesses in their ongoing recovery once these government stimulus packages come to an end.
- Sue Chapple – CEO of the Chartered Institute of Credit Management
- Philip King – UK Government – Small Business Commissioner
- Nick Vanstone – Director – Business Data at Experian
- Nicola Gandhi – Partnerships at MarketFinance
- Wouter Morkel – Product Manager – Trade Credit – CreditSafe