With the end of the furlough scheme drawing nearer, Corporate Strategies have seen an increase in enquiries about the interest-free, unsecured redundancy loans provided by the Redundancy Payments Service.
The ongoing economic challenges due to COVID-19 indicate that for some there will be tough times ahead. Once the government's Job Retention Scheme comes to an end, furloughed employees may need to be made redundant as a cost-cutting measure to allow continuity of trade.
It is not widely known that the Redundancy Payments Office (RPO) may be able to help with making redundancy payments on behalf of an employer. The primary objective of this financial assistance scheme is to save jobs based in the UK by helping businesses fund the costs of redundancy. High redundancy expenses can potentially add further financial risk to a business and ultimately jeopardise the retained jobs.
Find out more about how Redundancy Payment Loans work and the full criteria for applications.
Recent Example - Furniture Manufacturer, 2 divisions - 1 loss making
Turnover: £30m
Cost of redundancy: 60 staff to be made redundant - £400k
Loan schedule: 36 months
Jobs saved: 80
Recent Example - Midlands based Charity, restricted financing ability
Income: £280k
Cost of redundancy: £38k
Loan schedule: 60 months
Jobs saved: 5
For more information get in touch with the Corporate Strategies team
Joe Douglas
E: jdouglas@corporatestrategies.co.uk
M: 07850 511 697
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.