Towergate Risk Solutions launches pioneering credit insurance
acility to support small businesses
Towergate Risk Solutions today announces the launch of a
new affordable Credit Insurance scheme specifically designed to
address the cash flow, credit and investment needs of small and
medium sized businesses (SMEs). The product is unique
to Towergate and is supported by leading credit insurer
Atradius.
The new Credit Insurance scheme provides protection to SMEs
which trade on credit terms with other businesses and provides
cover against losses arising from the non payment by
customers. For the first time SMEs will be able to
acquire affordable credit insurance in the region of £1800. To
date policies have been beyond the reach of many SMEs
typically costing £3,000 and above
Research earlier this year by the Forum of Private Business
(FPB) found that the total amount of overdue payments among a
sample of SME's increased by £1 million in February 2010
to £16.6 million. The research also revealed that small
businesses have an average of £47,000 tied up by late
payments. Some 24 per cent of respondents also said they will
not be in a position to invest in their businesses over the coming
months.
The new facility comes at a time when the first gathering of
David Cameron’s business advisory group comprising of the
Federation of Small Businesses, British Chambers of Commerce and
leading business figures used the first Summit to highlight the
need for credit insurance to support British business.
Stephen Alambritis, Chief Spokesman, Federation of Small
Businesses, said, “Towergate and the FSB are playing their part as
a key supporter of local small businesses. In these
unprecedented times, the FSB believes it is important to provide
protection to local companies to secure the finance they need, not
because of any failure in their business but due to the tougher
credit conditions.”
Jonathan Walker, Managing Director of Towergate Risk
Solutions said, “We believe this new facility will provide local
businesses affordable credit insurance at a time when they need it
most. With the economic outlook remaining
uncertain, SME’s now have the opportunity to protect against
the non payment by customers which could be the difference between
staying in business and going under”.
For more information please contact 0845 671
8008 or credit@towergate.co.uk
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk