UK Finance – trade association for the UK banking and financial services sector – has launched a national campaign to help businesses to prepare for Brexit.
Let’s Talk Business is designed to help SMEs get ready for the potential changes and opportunities that could be brought about when the UK leaves the European Union (EU).
Supported by the Federation of Small Businesses (FSB), British Chambers of Commerce (BCC) and the Confederation of British Industry (CBI), the campaign looks to outline the continued capacity and commitment of banks to support SMEs if the UK leaves the EU.
While the impact of Brexit may be clear for those businesses who import and export directly, UK Finance is urging all businesses to speak to their finance provider to discuss how their business could be affected and consider any funding that may be required as a result of leaving the EU.
Talking about the campaign, Stephen Jones, Chief Executive of UK Finance, said: “With just five weeks to go until the UK’s exit from the EU, we are encouraging businesses who haven’t yet done so to think about how they might be impacted. The banking and finance industry has the capacity to support viable businesses whatever the outcome.”
“The Let’s Talk Business campaign, supported by leading business groups, will provide extensive guidance to help SMEs prepare for the changes ahead and consider any financing needs. Any business customers who may have additional financing requirements should begin engaging with their provider now, as the earlier they do so the easier it will be.”
Along with the guide, UK Finance has revealed five top tips for SMEs preparing for Brexit:
Take time to think about how your customers and suppliers could be affected by any upcoming changes, so you are prepared for any potential impact.
Ask your bank and finance provider, customers and suppliers early on if you think you might need additional finance, or changes in your current arrangements. The earlier you engage the easier this will be.
Look into alternative finance options. Most applications are successful, but if your first choice doesn’t work out, there are many different providers out there.
Know where to go for more information to help your business. Use relevant guidance to consider what plans you should be making and actions you should be taking.