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Bounce back loans

Have you been waiting for the Bounce Back Loan to be made available? Good news! Businesses are now able to apply for the Bounce Back Loan. Released on Monday 4th May, this is the government-guaranteed loan scheme for businesses affected by the economic impact of the Coronavirus lockdown. However, there are a few crucial things you should know before you jump in.

Bounce Back Loan: Basic Terms:

  • It is brand new and offers loans from £2K to £50K to a maximum of 25% of turnover.
  • You can repay the loan over 6 years.
  • You don’t need to repay anything in the first 12 months.
  • The first 12 months are interest-free too.
  • Government is backing the loans 100% so that it is guaranteed for lenders.
  • You do not need to offer your personal security to lenders.

There are a few more details

  • You must use the loan for business purposes – don’t go and buy a new car!
  • The business must be based in the UK.
  • COVID-19 must have affected your business.
  • The loan will be subject to a 2.5% interest rate.
  • There are no set up or early settlement fees.
  • You are responsible for the full repayment of the loan.
  • Your business must not have been in difficulty before the Coronavirus crisis occurred. You must not have negative reserves or a negative balance sheet that exceeds 50% of the share capital issued by the end of 2019.
  • You can’t apply for the Bounce Back loan if you have already received a loan under CBILS (Coronavirus Business Interruption Loan Scheme), but you can transfer your CBILS loan into the Bounce Back if it is under £50,000.

How do I apply?
You can find more information HERE on the government’s .gov website.

The list of the different lenders offering the loan for UK businesses can be found here:
You can apply via online banking with your regular bank if they are one of the accredited lenders.

Keeping cash flow coming in uncertain times

The ACP sends heart-felt condolences to all families affected by COVID-19 and we say thank you to all the key workers, be it NHS, services, supply chain operatives, stores and all others operating at the front line. You are amazing.

How is the Government helping us?

We live in very strange times. Every single one of us in our country has had to make major adjustments to our lifestyle to survive, but it can be difficult. Many businesses have been worried about their economic future – the stability of sales, keeping to budget, and maintaining the payroll. We are aware that for some of our colleagues, keeping cashflow coming in times of economic stress can be difficult, however recent changes to legislation will hopefully help to protect businesses and allow trading to continue under more restricted circumstances.

To recap, the Government has offered businesses:

• Direct grant scheme for the self-employed (estimated to be rolled out in June)
• Corona Virus Job Retention Scheme (this pays 80% of your staff’s salary up to a cap of £2,500 per month
• Coronavirus Business Interruption Loan Scheme (up to £5m via the banking system)
• Business Rate Relief
• Increased HMRC Time To Pay service
• Government support with SSP
• Tax deferments
• Cash grants based on business size

You can find full and complete details on the Government’s website here:

There is help there to support most businesses as the Government looks to protect the country’s economy. We are here too, to offer you support and advice.

Self-isolation Saves Lives

You’ll be tired of hearing this before we are able to re-circulate around our neighbourhoods again, but please make sure you are keeping your distance from anyone who you don’t share a home with. It really is that simple! Keep your distance and keep your health. Government guidelines for the COVID-19 outbreak are found here.

ACP Chair, Jennifer Lambden joins Credit & Collections Tech Awards judges

Awards Panelist

ACP Chair, Jennifer Lambden was delighted to be asked to join the board of judges for this year’s Credit and Collections Technology Awards. The Awards which took place at a ceremony in Stratford-upon-Avon on the 13th September, are a fantastic showcase of the new and budding technology becoming available to our industry.
“I was excited to be asked to join the judging panel this year, technology in credit and collections is fast becoming a major advantage in helping businesses keep control of their collections and to see the new advances in the field was wonderful.” Jennifer commented.

Now into its second year, the Credit & Collections Technology Awards highlight and reward technological innovation and enterprise in our industry. Over the first two years, they have highlighted those companies and specialists who are trailblazing and enhancing systems in the UK.

Giving recognition to the software developers, and displaying their products and services allows both developers and credit and collections companies the opportunity to share innovation and to work out just how it can help both business types. It is a great way for both industries to improve the customer experience for their clients.

Looking to the future

The awards are a trust-builder, looking forward to a future where changes in law are inevitable with Brexit on the horizon, it is helping companies to work together to create an industry for the 21st century. We are looking forward to seeing the winners’ products finding their way into mainstream use.

Big changes at your ACP!

Shergroup, Cowgill Holloway and Waters and Gate Join ACP

As you may have guessed, over the last few months, we have been working to restructure and improve the Association of Credit Professionals. We know when you look for advice on credit control and debt collection, you expect the best from us and excellence is what we are constantly striving to provide. Over the last few months, we have welcomed Waters and Gate on board as our new training provider, Shergroup has linked with us to advise on recruitment, and Cowgill Holloway is our new partner specialising in business recovery and insolvency. All of these companies are leaders in their relevant field of business and we are delighted to be working with them.

Waters and Gate

Shergroup marches forward into recruitment

Established in 1780, Shergroup continues its march forward to be the business solutions group to meet the needs of its client communities. This year sees Shergroup enter the field of recruitment – a highly competitive field but one which meets the needs of so many of Shergroup’s clients.

Looking for the best

Shergroup

Claire Sandbrook, Shergroup CEO, has wanted to put “people with sparkle” in front of her own clients and help them grow teams of

passionate and dedicated people. Over the years Claire and Shergroup have helped launched the careers of many high-flying people in the UK’s High Court enforcement industry, and in the outsourcing industry in India. Now she wants to capitalize on the group’s international network and find superb people for the next stage of their careers in the UK and US.

The approach of Shergroup is to place candidates where they are going to shine – and make a real difference to their new employer. Shergroup’s clients deserve the best talent in all the solutions the group offers – so whether its finance, security, outsourcing, or legal, the Shergroup team are looking to create the perfect match of employer to employee and vice versa.

Shergroup recruits Donna Murphy to grow recruitment

Shergroup has recruited Donna Murphy who used to recruit for Shergroup in her previous role. She had so much sparkle that she has been adopted into the Shergroup TEAM as a Business Solutions Advisor with an acknowledged expertise in knowing what works for Shergroup. Donna’s mission is to grow the Shergroup Recruitment service both in terms of onshore and offshore employment relationships as well as to grow Shergroup’s growing team of Business Solutions Advisors. She says about her new role, “I am excited to finally being working with Claire and the team, and to develop the recruitment service for Shergroup clients and stakeholders”.

For more information about how Shergroup Recruitment can help you contact Donna Murphy by email at [email protected] or call her on 0845 890 9200.

Waters and Gate Bespoke Training Courses

Bespoke Credit Control, Finance and Credit Management Courses

Waters & Gate specialises in providing professional business courses which cover credit control, finance and credit management. We do understand that in business, you may not have much time to attend courses, therefore our flexible programme offers lunch-time, half day, full day, two day and three-day courses.

Our training manager, Allan, has more than 20 years of experience in recoveries and credit management training and he has worked for some of the largest companies in the UK including HSBC, Zurich Insurance, 118 118 and Future Publishing.

Our unique service

Waters and GateWe keep it simple: one price regardless of the number of delegates and all our prices are per course.  Is there anyone else in your organisation who could benefit from attending the course? Training your sales and customer service staff in credit control can help to reduce bad debtors and because we come to you, that means no travelling costs or wasted time away from the office. We can even bring the projector and screen, you just provide the venue.

All our material is custom built for each client, this allows us to develop bespoke training courses tailored to your needs and means that you get the most out of your course. Real skills you can use in your business and because our in-house training is custom built for you, we can focus on what your staff need most: real, useable training and advice.

Delegates can bring real-life problems to our courses, so we can build solutions together, we can review your company's policies, procedures, terms and conditions and dunning letters. All this practical experience helps your staff to learn how to manage situations and to provide a truly top-class service to your clients.

Once delivered, the course, with all its content, belongs to you and we will provide you all the training materials, so you can provide refreshers, or fit it into your induction training for new staff. A great HR asset to have.

In addition, we offer a 30-day follow-up support service. Whether it's advice on a live issue or a question about the course, our post-training support can help bridge that gap between the training room and the office. Get in touch with us to find out more about our different packages.

Waters & Gate are a successful UK-based debt collection company, with many years of collection experience, and what we teach are the proven techniques based on our experiences collecting unpaid debts.

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