April 14, 2020 @ 13:27 by Steven Hugill
A financial advisory firm is working with a business support organisation to help North East companies access support and navigate the coronavirus crisis.
Ryecroft Glenton has entered into a strategic collaboration with RTC North to help firms secure part-funded advice and backing on matters such as the preparation of financial forecasts and securing funding via the Coronavirus Business Interruption Loan Scheme.
The partnership is also designed to help businesses pivot and change strategy.
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 can receive subsidised advisory services from Ryecroft Glenton to help secure strategic and funding advice, while easing the burden on cash flow.
Carl Swansbury, partner and head of corporate finance at Newcastle-based Ryecroft Glenton, said: “As a region we need to keep great businesses in business.
“This new collaboration will help businesses obtain both the advice and funding they need to help trade through this crisis, while being well-placed to scale-up once the pandemic has passed,” said Carl, pictured left.
“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,” he added.
“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, added: “It is vital that as a business community we come together, think out of the box and 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.”