Over the last six weeks all businesses have been tested and many family businesses have shown themselves to be resilient and agile. Family businesses around the world have responded to the coronavirus threat by safeguarding staff, adapting production lines and pledging millions to medical relief.
In the UK, Bamford family-owned JCB was asked by the Prime Minister to help with the production of ventilators. In collaboration with Dyson it produced a prototype ventilator machine in record time and also pivoted some of its production lines to make protective visors for healthcare workers.
And family-owned LMVH and L’Oreal both pledged millions to relief efforts and used their cosmetics factories to manufacture hand sanitiser to donate to European health authorities.
But while many businesses have adapted, most have still taken a hit and there are lots of support measures to take advantage of, which my business partner Tony and I have been helping businesses access. Many have successfully applied for a CBILS loan but those that haven’t are now eligible to apply for the new Bounce Back Loan Scheme, launched on Monday 4th May.
Tony and I have produced a guidance document containing a summary of all the financial support available to businesses with our comments and advice on how to access the schemes. You can download the document here.
And please, don’t hesitate to get in touch if you need some help during this unprecedented time. You can contact us using the details below.
Michael D Oliver
CEO, Fiducia Partners
07833 297 981
CFO, Fiducia Partners