Ryecroft Glenton (RG) has entered into a strategic collaboration with RTC North to help North East-based businesses access part-funded advice and support on matters such as the preparation of financial forecasts and securing funding, via the Coronavirus Business Interruption Loan Scheme (CBILS).
The collaboration is also designed to help businesses pivot and change strategy during this challenging time.
The Scaleup North East programme is delivered by RTC North as an integral part of the North East Growth Hub, and is part funded by the European Regional Development Fund. Businesses from the region can receive subsidised advisory services from RG to help secure the right strategic and funding advice, whilst easing the burden on cash flow during what is an unprecedent trading period.
The collaboration has been developed to help businesses negatively impacted by the economic challenges of Coronavirus to trade through this difficult trading period, enabling them to be well-placed to scale up their operations and grow, as and when the crisis ends.
Access to government-backed financial support will be crucial to many businesses in this period and the collaboration will enable more businesses to obtain the advice they need, at a reduced cost, at a time when they need to control cash flow.
For example, the preparation of a Financial Forecast by RG, to aid with an application for a CBIL, which may cost £3,000, would attract a 40 percent subsidy from the Scaleup North East programme, reducing the cost to a business by £1,200.
Carl Swansbury, Partner and Head of Corporate Finance at Newcastle-based RG said: “As a region we need to keep great businesses in business. This new collaboration between RG and RTC North will help businesses in the North East obtain both the advice and funding they need to help trade through this crisis, whilst being well-placed to scale-up once the pandemic has passed.
“In the current climate, funding and cash flow leads the agenda for many owner-managers as they try to secure the future of their businesses and the jobs of their workforces. Having to tightly manage cash flow can make procuring the professional advice needed prohibitive and applying for critical financial support more challenging. With the introduction of this subsidised service through Scaleup North East, hopefully that hurdle has been removed.”
Sarah Pavlou, Programme Director at RTC North, said: “In unprecedented times like this, it is vital that as a business community, we come together, we think out of the box and we remain committed to ensuring the wheels of the regional economy keep turning. We are delighted to be able to pull together as organisations and as a region and deliver win-win solutions that are delivered efficiently, effectively and encourage our business community to remain focused on the future.”