What Does the 2023 Autumn Statement Mean for Reparo’s Customers?

Reparo Finance’s Senior Business Development Manager, Daniel Jones reflects on what the 2023 Autumn Statement means for Reparo customers and other small businesses across the UK.

This week’s Autumn Statement promised of tax cuts to stimulate growth. On the face of it, this seems like good news for small businesses, but the detail paints a mixed picture.

There was good news about the extension of business rate reliefs for the hospitality, retail and leisure industry and cuts to national insurance are expected to benefit smaller business. Yet, while the increase in the National Living Wage is good news for workers, it will undoubtedly place more pressure on small businesses.

What are we seeing from our customers?

The economic climate continues to be challenging for many small businesses. Rising costs, an increase in employment costs and unfavourable rates mean that businesses are not only being squeezed – many are also at breaking point.  We’re seeing those in the construction and hospitality industries hit particularly hard and as a result many are searching for alternative funding solutions to help shore up their businesses.

What’s more, of those businesses that do come to us looking for new lending – we’re increasingly seeing that many have multiple debts already on their books. In the past, small businesses may have only had a few different sources of finance, but today we’re seeing some with up to a dozen. This can make securing funding even more challenging. But at Reparo, it’s not impossible.

What does that mean for brokers?

With Reparo, your clients get a decision made by a team who will work hard to put together a deal that’s right for that client, at that time.

We already have extensive experience arranging finance for businesses with complex, challenging or urgent needs. We do the deep due diligence it takes to make even the most unconventional deals happen. And by giving you a more flexible alternative, there’s a greater chance of securing the deal.

This approach is more crucial than ever, and we’ll do this with the honesty and integrity that you and your clients deserve.

We believe in openness and transparency. So, if we think a deal’s not right for us or your client, we’ll tell you and most importantly, we’ll tell you why. That way, everyone involved understands the situation and you can quickly get on with finding your client a more suitable solution.

We’ll be continuing to ask for the detail and more, but you can be assured that our team of experts will be acting quickly and undertaking the due diligence at pace.

What’s more, with new initiatives, we’re looking to streamline the applications processes to make your life easier and free up the time to build those important relationships with your clients.

To discuss funding solutions for your business or clients, get in touch with me at dj@reparofinance.co.uk.