Business Owners Urged to Take Advantage of Advice Lifeline From Local Company

Business Owners Urged to Take Advantage of Advice Lifeline From Local Company

BUSINESS owners across Northamptonshire who are struggling during the Covid-19 pandemic are being offered a helping hand with their financial planning.

 

Telford Mann Pensions & Investments is offering pro bono guidance and support to anyone in the community who has questions or concerns about their finances and how to survive the impact of the coronavirus.

Jilly Mann, joint Managing Director of Telford Mann, said: “Our experience of successfully helping firms and individuals through the Global Financial Crisis of 2008/9 means we are well positioned to provide advice on how the impact of Covid-19 may affect their personal and corporate financial planning.

“Coping with a recession is one thing, but lockdown adds a whole new dimension to the struggles of those trying to keep a business going until the restrictions are eased.

“Worryingly, one of the first things business owners do is cancel contributions into their own pensions and investments to preserve capital in order to survive for as long as possible,” she continued.

“For some, this may be the only option, but there are other considerations to factor in, such as money that is held in a pension is safe from creditors, whereas funds in a business bank account aren’t.

“It is also possible for individuals over the age of 55 to drawdown funds from their pensions in order to lend funds back to a business that may be struggling to obtain finance elsewhere.

“Obviously, these are just ideas and won’t be suitable for every business but for some, their pension fund could be a badly needed lifeline. These are conversations we can have with people.”

To further help businesses survive the lockdown, the company is also waiving set up fees on new business between June 1 and August 31.

Telford Mann is using the latest video conferencing technology to conduct meetings. They also have a large boardroom which can facilitate social distancing for face-to-face appointments.

Jilly added: “We are keen to help anyone else who has questions or concerns over their own personal or corporate financial planning needs as we emerge from the initial throes of this crisis and are happy to do this on pro bono basis.”


< Back