Looking to get a cash injection in your business? Have you heard about the Recovery Loan Scheme?

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Have you heard about the Recovery Loan Scheme (RLS)?

Does your business need a cash injection? Over the course of the past year, Covid-19 has had a considerable impact on all UK businesses. More than 95% of UK businesses are small-medium sized enterprises with less than 250 employees. This means cash flow has been reduced due to the impacts of the pandemic. However, most businesses have had to pause operating. With the latest relaxation of England Covid-19 restrictions on Monday 19th July, and employees being encouraged to go back to the office, businesses are looking for help to get them back to pre-pandemic levels. Looking for certainty during these times can be challenging, but one feature that WestWon can offer support through is the Recovery Loan Scheme.

So how can the RLS help to grow and stabilise your business?

Launched on the 6th of April 2021, the Recovery Loan Scheme (RLS) essentially provides financial support to UK businesses as they recuperate from being impacted by the pandemic. The funding itself can be used for managing your businesses cashflow, growth and investment. The scheme will run until the 31 December 2021, although this is expected to be extended into 2022.

Has your business has previously borrowed from any of the other Covid Loan Schemes such as the Bounce Back Loan Scheme and the CBIL’s scheme? If so, the RLS is still accessible for your business to use.

It works in that all accredited lenders can be found on the British Business Bank website. However, when looking to borrow, you should first approach your own finance provider. A government-backed guarantee is then given to the lender by the RLS. As the borrower, you are then 100% accountable for the debt. There are also conditions on much a company is borrowing. For example, if you are borrowing £250,000 or less, the lender will not take any form of personal guarantee. However, more than £250,000, and the lender can decide whether to take personal guarantees or not.

Hear what Government officials have to say

Rishi Sunak, the current chancellor of the exchequer has said “as we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.”

Kwasi Kwarteng, the secretary of state for business, added that “the launch of our new Recovery Loan Scheme will provide businesses with a firm foundation on which to plan ahead”. This will in turn “protect jobs and prepare for a safe reopening as we build back better from the pandemic.”

As restrictions ease and businesses return to normal demand it is vital that this support is held in place. This will keep them running and growing during reopening.

Contact Us

Here at WestWon we work with several approved lenders offering funding via the Recovery Loan Scheme. If your business is looking for a Recovery Loan or asset finance, please call a member of our team now on 01494 611 456 or email hello@westwon.co.uk

Why do companies lease software and what are the benefits?

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Why do companies like to lease software?

Since the COVID-19 pandemic struck, businesses have been forced to adapt to employees working remotely. As a result, companies are relying on software now more than ever. Software licenses can be expensive, and with the pandemic putting pressure on cash flow like never seen before, more and more businesses are looking at leasing the software, compared to purchasing upfront. We look here at why companies lease software as well as the benefits they receive in doing so.

What are the reasons for leasing software?

  • First of all, there are fewer upfront expenses. Leasing requires you to pay a fraction of the full cost on day 1. Paying monthly or quarterly for the asset creates a bigger opportunity for your business to save money in the long run.
  • Your business will be given the option by the software supplier to keep your software up to date. This also means there will be a lower chance of security breaches occurring in your company. Read more about security breaches here.

Additionally, here at WestWon, the database we use has 958 unique software companies in the UK, so if you’re not sure about a supplier we can help. We’re also happy to work with a supplier of your choice. We also have a full FCA license, so you know you’re dealing with a finance company that treats customers fairly.

What are the benefits of software leasing?

  • Firstly, your cash flow will benefit. You will be able to keep funds in your business that you can invest in other areas of your company (eg recruitment).
  • Alternative funding lines are provided and there will be no need to use up existing bank facilities.
  • VAT is not paid in full upfront which reduces initial capital outlays
  • In the same way you pay employees’ salaries upfront, paying upfront for software is best. Why would you pay 3 years upfront for software?
  • You and your employees will always use the latest technology. This is due to the implementation of a refresh strategy – at the end of the lease period, you will get the latest license on the new agreement.
  • When you use a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax.
  • You lock in the price of the software on a lease – signing up to a 3-year software license protects you from price increases from 3 years, without having to pay 3 years costs upfront.

In addition, there is an option to have ongoing support and maintenance. This will be supplied by the software author/supplier and charged on a separate contract to a leasing contract.

WestWon will work alongside an array of suppliers in order to get you in touch with a software supplier who can meet your needs. Ultimately, it is up to you who you choose as a supplier.

You may be wondering, what is the difference between selling software as a service compared to leasing software?

  • Software as a service (SaaS) is software that is centrally hosted. Users will pay to use the software by connecting via the internet.
  • This model has been around since the 1960s but is being replaced by software leasing and renting from WestWon provides an array of benefits.

Software companies usually prefer the leasing option, mostly due to the benefits stated above. However, we have seen that software suppliers switch to the SaaS model, partly due to competitive pressures. Read more about SaaS here.

Ultimately, leasing software seems like a smarter decision. Your company will benefit from increased cash flow, up-to-date software, and alternative funding lines.

To see a real-life example of a company benefiting from leasing software with WestWon read this case study.

Contact Us

Software leasing is available for licenses from 1 – 5 years, with leases starting from £1,000 + VAT. Call us today on 01494 611 456 to discuss your needs.

Prepare your employees for hybrid working with IT leasing

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For most of 2020, businesses at home and abroad had to adapt. Resulting in employees being forced to work remotely due to the COVID-19 Pandemic. Consequently, this has created unexpected costs for companies, with a huge demand for laptops and other IT equipment. As office workers return to work, many businesses are introducing hybrid working to bring the workforce back slowly and safely. Therefore, many businesses have been considering leasing their IT equipment in these unprecedented times.

Adopting this hybrid model, however, comes with its own challenges. With staff demanding greater flexibility, this blog explores how preparation is also key when introducing this hybrid model to the workplace.

According to Deloitte, due to an increase in people working from home, cybercriminals have been able to update their tactics. This has made working from home a gateway to new forms of data theft. And this is why cyber-security measures are crucial.

Firstly, what are the most common cyber-security threats?

  • Employees using their personal devices for work puts the company in a vulnerable position for security breaches. This is because personal devices may not have sufficient security tools in order to secure data from hackers.
  • Another threat that companies and employees should look out for is phishing scams. This is where cyber-criminals send valid-looking emails to employees that contain links and attachments that, if clicked on, could pose massive security risks for the company.

So, what are the solutions to these potential threats?

Making sure your employees are fully equipped with the latest and most secure technology is easy. We are happy to recommend some of our trusted suppliers – who we’ve worked with for a number of years.

For new start-ups as well as existing businesses, laptops are essential for a hybrid form of work and support remote working. Leasing laptops with WestWon is a cost-effective way of spreading the cost.

Laptops are portable and certain models are just as powerful as desktop computers. Our strong connections with funders and suppliers mean our customers can lease laptops quickly; decisions are usually made within 24 working hours and we have a 95% acceptance rate. If you’d like to know more, please visit our FAQ section.

Implementing Security ‘Best Practice’

The most common security breaches are human-made, often, insecure passwords coupled with little guidance on IT security are the cause of data breaches. To decrease the chance of your company facing security breaches, it’s important to train your employees. Educate them about phishing scams and make sure they practice good password hygiene.

A few other measures to avoid security threats include the following:
  • Utilising cloud applications to improve collaboration
  • Setting up two-factor authentication
  • Using a virtual private network (VPN)
  • Implementing effective password management – passwordgenerator.net is a great tool to create difficult passwords
  • Regularly updating your software

Another important thing to consider when implementing this hybrid method of working is the mental well-being of your employees. Especially coming out of the pandemic, there should be a greater focus on mental health. Support your employees by:

Here at WestWon, we provide IT leasing through accredited distributors who can provide you with the information you need to protect your business.

Call us today on 01494 611 456 to discuss your IT needs.

We are proud to be working with a true British engineering success story…

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WestWon are proud to be working with Briggs Automotive Company

Briggs Automotive Company (BAC) (www.bac-mono.com) are a truly unique British engineering success story hand building the world’s first single-seater, road legal supercars: the BAC Mono and BAC Mono R. These supercars look, sound and feel amazing. BAC was founded in 2009 by brothers Neill and Ian Briggs, with the BAC Mono being launched in 2011. Their modest yearly production run of around 40 cars. This means there will always be a waiting list of high-net-worth individuals looking to purchase one.

Using Computer Aided Design

Much of the design work is undertaken using computer aided design (CAD) software, supplied by one of the UK’s largest CAD suppliers. Whilst some engineering companies pay cash upfront for these software licences, many other companies decide to lease and spread the cost over three years. WestWon have arranged a lease for BAC’s CAD software and are proud to have them onboard as a client.

Hear from the directors themselves

Jeremy Hall, CEO of WestWon commented: “All clients are important to us and we work with a wide range of end-user companies across the UK from many different business sectors. We are proud to help fuel investment via leasing facilities into our economy.

“One of our clients is Briggs Automotive Company, who have designed, developed, and now manufacture a unique road-legal supercar that has the look and feel of an F1 racing car.  Over 95% of the suppliers they use are based in the UK. Take a look at their website and you will see how great they look.”

Speaking on behalf of BAC, Ian Briggs added: “Setting up an engineering company from scratch is a capital-intensive project. Funding does come in from numerous sources. One of these finance sources is WestWon, who have arranged the leasing of our CAD licence fees over three years. This helps spread the payments. In effect, we are paying for the software as we use it opposed to tying up valuable capital in fixed assets.”

Contact Us

WestWon leases CAD software to hundreds of architects, civil engineers, engineering and construction companies. It is an important part of our business. Please call us if you are looking to finance CAD software in your company.

Likewise, if you are looking for fun and a great investment, give BAC a call and take a test drive in their single seater sports car. Please do not forget, we can lease these cars to you as well!

Please note, all pictures are the property of Briggs Automotive Company (BAC). WestWon will not receive any introductory commission should you wish to purchase a car.

WestWon Partner With Lisa Bainham

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WestWon are delighted to announce today our support and partnership with Lisa Bainham and her clients.

Lisa’s wealth of experience began in 1984 when she qualified as a dental nurse. She then moved into Practice Management, Public Speaker and President of ‘Association of Dental Administrators and Managers’ (ADAM). She is now leading consultant for ‘Lisa Bainham – Practice Management Matters.’

Lisa works to help your practice be more effective. She helps your team to be more engaged and confident in their roles. This results in added productivity and will certainly ensure you witness improvements to all aspects of your business. This includes the bottom line.

Lisa comments “Over the last year, now is the time to ensure your practice and team are able to work smarter not harder. They will need to invest wisely and confidently to improve workflows and the patient journey.

I am always happy to recommend WestWon to practices that want to invest improve and grow.”

We have also realised through COVID that it’s about people not paperwork. Here at WestWon you absolutely get a personal approach and support.

For more information on this partnership with Lisa Bainham and how she can can support you and your business, go to https://practicemanagementmatters.co.uk/.

This announcement is the latest in a series of announcements for our Dental Finance division, following our announcement last week of our partnership with Tipton Marketplace as well as Association of Dental Administrators And Managers ADAM.

For more information, please give a member of the Dental Finance division a call on 01494 611 456.

Professional Systems Finance Limited

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As we relaunch our Systems Finance division, we thought it appropriate to mention that we are not connected to Professional Systems Finance Limited, trading as Systems Finance.

Systems Finance Limited was set up by Tony Ley and Mike Wakefield in 1995. Tony Ley no longer gets involved in leasing on a day-to-day basis. Whilst Mike Wakefield has another leasing company called Blue Sky Finance Limited, based out of Malvern In Worcestershire.

Both Tony and Mike are well known and respected veterans of the UK computer leasing sector.

Two of Tony’s children both came to work at WestWon for a year where they learnt the basics of leasing. They have now taken over the Systems Finance brand and relaunched as Systems Finance based out of Leamington. Harry Ley and Max Ley are both hungry and enthusiastic. They will make a success of their business and we wish them well.

Dave Tull, one of our newly recruited Business Development Managers, worked at Systems Finance for eight years. This was between 1999 and 2007. Dave noted, “Systems Finance was a great place to work. I enjoyed my time there with Tony Ley and Mike Wakefield. We built a wide network of IT reseller partners and onboarded about 5,000 end user customers. Even though the new Systems Finance under the leadership of Tony’s two boys, Harry and Max, is a competitor, we still wish them every success. Our industry needs quality run companies to ensure that the overall service delivery is first class.”

So, to read more about the relaunch of our Systems Finance division, (or Professional), please read our latest blog. Alternatively, please give a member of the WestWon team a call on 01494 611 456. Or you can email hello@westwon.co.uk.

WestWon Announce Partnership With Tipton Marketplace

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WestWon are delighted to announce today our partnership with Tipton Marketplace.

Tipton Marketplace will enable easy browsing and searching for thousands of products from different suppliers and manufacturers. You can not only compare prices and product information, but also read reviews from fellow colleagues.

Today, everyone can digitally compare services and products when deciding to buy a product or service in the private sector. For a long time, this has not been possible within the UK dental industry.

The website is founded by Professor Paul Tipton. Paul decided to create the Tipton Marketplace to enable practices to have the ability to therefore compare and purchase dental products by using a simple and easy to use platform.

The Dental Profession will benefit from the new products and services that the Tipton Marketplace will have. Therefore offering ways to reduce the overheads that impact on the daily running of a Dental Practice.

Speaking on behalf of WestWon, Divisional Director Richard Porter noted, “We’re really excited to announce our partnership with Tipton Marketplace. With many Dental Practices already registered, I am pleased that WestWon can add additional value and continue to make a difference. This is just another example of how things are changing for the dental sector, for the better. I hope that Tipton Marketplace will continue to grow and bring savings and benefits to the profession.”

Tipton Marketplace is due to launch in spring 2021 and you can register for further details here;

https://tiptonmarketplace.com/

For more information on how WestWon are working with the dental profession, please visit our Dental Finance page. To speak to Richard or a member of the dental finance team, please give us a call on 01494 611 456 or email hello@westwon.co.uk.

WestWon Relaunch Systems Finance Division

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We are delighted to announce the relaunch of our WestWon Systems Finance division.

From the outset, WestWon and our previous company, Wyse Leasing, has always been focused on options including financing technology, computer hardware and associated IT equipment. Wyse Leasing grew to be one of the largest IT finance brokers in the UK before being sold to IT funder CHG Meridian in 2009. WestWon have been financing technology ever since, including acquiring the business Technology Leasing Limited in 2020.

Hear from the CEO himself

Talking about the significant changes over the last ten years, WestWon CEO Jeremy Hall explains:

“Years ago, there where tens if not hundreds of PC manufacturers, names such as Time, Evesham, Mesh, Elonex, Gateway and Mustard to name but a few. You then have the bigger companies such as IBM, Dell and HP. Many of these smaller manufacturers have since disappeared, just leaving the big brands.

The route to market has also seen significant changes. We used to have access to a list of 20,000 UK IT suppliers that would sell and install IT equipment. Nowadays, many companies buy their IT kit direct from the manufacturer. Similarly they can buy it via a large reseller such as Softcat or Bytes or even PC World.

Even with all these changes, there is still a massive requirement for IT and software finance in the UK. We saw this in our analysis of last year, many of our biggest leasing deals were for IT and software. Our Systems Finance division will focus on developing existing relationships with our Technology suppliers, offering the most efficient and easy to use processes in the broker market. We’ll be looking to then roll this out to new suppliers who don’t yet have a relationship with WestWon.”

More information on our WestWon Systems Finance division will be released soon. For any queries please give a member of the team a call on 01494 611 456 or email hello@westwon.co.uk.

WestWon authorised to offer finance under the Recovery Loan Scheme

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We’re pleased to announce WestWon are now an accredited broker of the new Recovery Loan Scheme.

A number of the WestWon team have gone through their first training session yesterday with an authorised provider of finance. As a result, this was done under the British Business Bank backed Recovery Loan Scheme.

About the Recovery Loan Scheme

The Recovery Loan Scheme was launched on the 6th April and is seen as the replacement to the CBIL’s & Bounce Back Government backed loan schemes. It will be in place until the end of the year, however, already people in the leasing and finance sector are suggesting it is likely to carry on into 2022. The scheme can provide up to £10m of funding per business with the following facilities are available:

  • Term Loan
  • Overdraft
  • Invoice Finance
  • Asset Finance

No personal guarantee is required for the first £250,000 borrowed, however the borrower is always 100% liable for the debt. Interest and fees are to be paid by the borrower from the outset. The APR on the loan cannot therefore be more than 14.99%. Full information can be found here.

Hear from others

George Shillingford, the newly appointed Commercial Director at WestWon noted, “An important point one of our funders stated was they are expecting to use the facility where they would normally have rejected an application. However, this is great news to us, as so many companies will be reporting a drop in profits or losses in their 2020 year end accounts, as a result obtaining finance could be harder to find. This scheme will definitely help our clients.”

WestWon CEO, Jeremy Hall added, “We have a second external training session today with another funder we use. We will know how, when and where to offer the Recovery Loan Scheme to our clients. Within the next few weeks, we are expecting a range of financial providers we work with to become authorised. We will be promoting the scheme to a range of the clients we work with.”

To find out more about the Recovery Loan Scheme please speak to a member of the WestWon team on 01494 611 456 or email hello@westwon.co.uk

Should You Prioritise Working With A Finance Company Who Has An FCA License?

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WestWon Divisional Director, Richard Porter, explains the role of the FCA in the asset finance space, and why it’s important to use a finance provider who is registered with the Financial Conduct Authority.

Who is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The aim of the FCA is to regulate in a way that adds the most benefit to those who use financial services.

This covers key areas such as;

Protecting consumers by securing an appropriate degree of protection for consumers.

Enhancing market integrity, protecting and enhance the integrity of the UK financial system.

Promoting competition, promoting effective competition in the interests of consumers.

What does this mean to you?

From bank accounts to mortgages, credit cards, loans, savings, and pensions, virtually every adult in the UK is a consumer of financial services. So one of the objectives is to ensure an appropriate degree of protection for all consumers.

They monitor which firms and individuals can enter the financial markets, making sure they meet the standards before they are authorised with a FCA licence.

What if a finance Provider is NOT regulated?

If you are speaking with someone who is not FCA certified, that individual or company ‘may’ not have your best interest. They will officially not be following the FCA guidelines, you will have little protection against fraud, your data, and there will be no legal responsibility to you.

Protection – FCA Authorised.

The FCA work to protect consumers in a wide range of ways. They act to ensure firms have their customers at the heart of how they do business, give them appropriate products and services, and put their protection above the firms’ own profits or income.

They supervise how firms work and can stop those that do not meet the standards from carrying out the activities they regulate.

Where they find that firms are not following the rules, they intervene. This may mean imposing penalties, stopping them trading or securing redress for consumers. It also means ensuring consumers receive the information they need in the right way, so they can make the best decisions for themselves.

How can I check?

Most if not all firms that are FCA authorised will have this either on their website or you can also check on the FCA register by searching either the company name or individual. You can find the information here: https://register.fca.org.uk/s/

 

 

WestWon – FCA licence Number 738235

WestWon have over 40 years’ experience within the finance sector, not only are we FCA accredited but we are also registered with the Information Commissioners Office, ICO. This ensure your Data is Protected and not sold or used for any other purposes.  Licence No. Z9936933. Full information on our accreditations can be found at https://westwon.co.uk/company-information/.

For more information or if you are looking for finance that is best suited to you and your needs contact WestWon on 01494 611 456 or email hello@westwon.co.uk.

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