It has been a difficult year for businesses in Cork, as elsewhere, but there have also been welcome signs of resilience, with many companies taking innovative steps to adapt to unprecedented and rapidly changing developments in their market.
“A lot of the companies we’ve worked with needed quick access to working capital to enable them to adapt, and we’ve been able to deliver that. hours, â€said Willie John Manley, Sales Manager in the Cork office of Close Brothers Commercial Finance.
“As you might expect, there has been huge variation in how different sectors have been affected by the pandemic.
“It has been a particularly difficult time for retail, hospitality and tourism – many companies operating in these sectors have been affected by Brexit as well as Covid-19.
“On the other hand, we have seen an increase in the number of new customers in essential service industries, like cleaning and care, as they have seen increased demand from customers.”
Close Brothers works with a wide range of businesses, from SMBs that need to update their equipment to large companies looking to support an acquisition or MBO. “A sense of optimism is now starting to emerge when we talk to business,†Manley said.
“In Cork and the wider Munster region, I think there is a lot of reason to be positive in the short to medium term – with infrastructure and other development projects approved that are expected to be completed within the next few months. next two to three years.
Close Brothers Commercial Finance conducts a quarterly survey of businesses in Ireland and Great Britain. The most recent found that half expect their performance to be stable over the next 12 months. Another 38 percent expects an expansion.
“We can be very flexible with our funding packages, so I encourage anyone in need of funding to get in touch,†Manley said.
“Close Brothers Commercial Finance was launched in Ireland in 2008, during the last financial crisis. We therefore have the experience of supporting companies in difficult economic times.
Close Brothers opened its Cork office in 2017 and has since supported a large number of businesses, Manley said.
“Our team in Cork is also growing. We will seek to recruit high caliber individuals with background in asset and invoice finance, â€he said.
Close Brothers Commercial Finance can help businesses get an immediate cash injection or structure a longer-term solution that provides continued access to working capital.
“We provide asset finance, bill finance and asset-based lending to businesses across Ireland,†Manley said.
“These financing options can improve cash flow by refinancing equipment, leasing machines, or freeing capital from unpaid customer invoices.
“We have also partnered with the Strategic Banking Corporation of Ireland (SBCI), so an additional line between € 25,000 and € 3 million can be added to any of our asset finance facilities. or invoice financing. This can provide a big boost in working capital for businesses.
Close Brothers Commercial Finance is part of Close Brothers Group plc, a leading UK business banking group listed on the London Stock Exchange. The company has offices in Dublin, Cork, Belfast and Galway, with financing experts across the country.
“This means we offer the best of both worlds – the flexibility and local understanding of an independent finance provider, combined with the stability and strength of our parent company,†said Manley.