Commenting on the Chancellor’s commitment to supporting SMEs, Pete Faulkner, Director of Purbeck Insurance said: “We welcome the government’s renewed focus on late payment and the impact it is having on UK SMEs. As the UK’s only provider of Personal Guarantee Insurance we know the effect late payment has on cashflow. It can impact an SME’s ability to meet its loan repayment obligations, increasing the risk to a director’s personal assets, which could include their home, through the likelihood of the calling in of a personal guarantee.
“SMEs are not paid on time according to the latest British Bank Business Report which painted a worrying picture of the risks small businesses take to secure finance for their business.”
Purbeck Insurance Services is a Personal Guarantee Insurance specialist supporting Small and Medium sized Enterprises (“SMEs”) and promoting business confidence.